Panasonic lifestyle, sales grow but operating profit decreases

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Panasonic Corporation reported its consolidated financial results for the nine months ended December 31, 2021, of the current fiscal year ending March 31, 2022 (fiscal 2022). During this period the company’s consolidated group sales increased by 11% to 5,423.4 billion yen from a year ago. Operating profit increased by 21% to 274.2 billion yen from a year ago. Profit before income taxes increased by 27% to 279.4 billion yen and Net profit attributable to Panasonic Corporation stockholders increased by 50% to 195.6 billion yen from a year ago.

In the lifestyle segment, during the fiscal 2022 third quarter, Panasonic sales increased by 3% to 2,737.6 billion yen from a year ago. This is due mainly to favorable sales of refrigerators in Asia and China as well as favorable sales of wiring devices in India. Operating profit decreased to 105.1 billion yen from a year ago due largely to the impact of raw material price hikes, despite increased sales, rationalization efforts and others.

For the consolidated financial forecast for fiscal 2022, there are no changes in net sales, operating profit, profit before income taxes and net profit attributable to Panasonic Corporation stockholders from the previous forecasted announced on October 28, 2021. However, the company revises downward adjusted operating profit which the company discloses voluntarily, reflecting the current management environment including reduced automobile production and raw material price hikes.