By APD writer Alice

The Japanese consumer electronics giant Panasonic said on February 3 that lower sales in China made its operating profit in the April-December period down 18%.

Panasonic’s nine-month sales fell 5.4% to 5.76 trillion yen ($53.04 billion) as the weakness of the Chinese market also pressured the performance of the firm’s sales in Japan.

It attributed a decrease in domestic sales mainly to sluggish sales in electromechanical control equipment in China.

Sluggish sales of televisions and automotive-related products also pushed overall sales down, it said.

Slower sales saw the firm’s operating profit fall to 240.67 billion yen, while net profit came to 178.15 billion yen, which marked an increase of 2.6%, thanks largely to reduced income taxes.

The company kept its full-year forecast unchanged, with net profit expected to drop 29.6% to 200 billion yen, and operating profit falling 27.1% to 300 billion yen. Its sales are estimated at 7.7 trillion yen, down 3.8%.

(ASIA PACIFIC DAILY)