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Panasonic reports strong third quarter

Strong flat panel TV sales have helped boost Panasonic's profits

Panasonic 's parent company Matsushita has posted strong results for the third quarter of 2006-2007, largely thanks to solid sales and a massive rise in profits at the company.

Matsushita said much of its revenue had come from consumer electronics products with strong consumer electronics sales, particularly digital cameras and flat panel TV. It also said that its in-car products had done well, although its mobile phone business had suffered. Sales of the company's air-conditioning and other domestic appliances had also increased.

The company said it had been able to succeed thanks to a resurgent Japanese market, strong growth in China and a weaker yen.

It reported sales of ¥2,436.8 billion up 2% from the same period last year. Net profit was put at ¥78.7 billion, a 60% increase.

Taking some shine off Matsushita's results was a 17% slump in sales recorded by JVC , a subsidiary of the company. The company also said that an uncertain market in the US and Europe, a weakening Japanese economy and an economic backlash in China could affect it in future. However it expects its full year results to remain strong and has uprated its profit forcast from ¥190 billion to ¥205 billion.