Panasonic reports profits despite TV division decline

By Joe Cox
published

Panasonic reported its fourth straight year of profit growth, thanks to 53% year-on-year growth in its automotive and industrial systems category.

Panasonic posted profits of 381.9 billion yen for the year ending March 2015, up 25% on the previous year. Total sales brought in 7,715 billion yen, remaining flat on 2014.

The company's appliances segment saw profit increase by 37% to 40.5 billion yen, thanks largely, Panasonic said in a statement, to overseas sales in home appliances such as air conditioners.

The TV division continues to struggle, however, due to a sharp price decline in Japan and the worsening profitability of the TV market in general. Panasonic officially ended plasma TV production in December 2013, and the TV market remains a cut-throat one, now dominated by Korean brands, LG and Samsung.

MORE: Panasonic 2015 TVs - everything you need to know

So, the automotive and industrial systems section has picked-up the slack, increasing profit in this segment by 53% on 2014, to 105.7 billion yen.

Panasonic forecast sales of 8,000 billion yen, up 4% y-o-y, and operating profit of 430 billion yen, up 13% y-o-y, for the fiscal year 2016.

Panasonic unveiled new TVs at CES 2015, and aims to release the first 4K Blu-ray player by Spring 2016.

See all our Panasonic news and reviews

Joe Cox
Joe Cox
Content Director

Joe is Content Director for T3 and What Hi-Fi?, having previously been the Global Editor-in-Chief of What Hi-Fi?. He has worked on What Hi-Fi? across the print magazine and website for more than 15 years, writing news, reviews and features on everything from turntables to TVs, headphones to hi-fi separates. He has covered product launch events across the world, from Apple to Technics, Sony and Samsung; reported from CES, the Bristol Show, and Munich High End for many years; and written for sites such as the BBC, Stuff, and the Guardian. In his spare time, he enjoys expanding his vinyl collection and cycling (not at the same time).