Panasonic returns to profit

Tokyo: Panasonic Corp, the Japanese consumer-electronics maker trying to recover from a record annual loss, posted its first profit in six quarters after cutting jobs and shutting factories. Net income totalled 12.81 billion yen (Dh601 million) in the three months ended June 30, compared with a 30.4 billion-yen net loss a year earlier, the Osaka-based company said in a statement on Tuesday.