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Panasonic Projected Earnings Suffer Decline, Small Boost From Tesla

Japanese tech giant Panasonic’s forecasted earnings saw a 34 per cent drop, with revenue slightly boosted due its automotive division which supplies batteries to Tesla.

Panasonic expects a group net profit of 150 billion yen ($US1.43 billion) for the year ending in March.

This figure represents a 34 per cent decline for the year, but it still 50 billion yen higher than original forecasts.

The company’s automotive division, which supplies batteries to Elon Musk’s Tesla, saw improved earnings with an operating loss of 7.4 billion yen, compared to a 29.2 billion yen loss in the same period the previous year.

Tesla’s ramped up production contributed to the improved earnings performance in this division.

“Tesla operations are at a situation in which we can foresee a full-year profit,” Hirokazu Umeda, Panasonic’s chief financial officer, told reporters.

Panasonic posted a 226.8 billion yen (US$2.1 billion) operating profit for the April-December period, down 6 per cent on the year.

Consolidated group sales for the period decreased by 15 per cent to 4.87 trillion yen from a year ago.

Domestic sales decreased due COVID-19, despite increased sales in home-related products such as air purifiers.

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