Panasonic Corporation (Osaka, Japan) on April 28th, 2015 reported its consolidated financial results for the year ended March 31st, 2015 (fiscal 2015). Consolidated group sales for fiscal 2015 were 7,715.0 billion yen (approx. USD 65 billion), at the same level as 7,736.5 billion yen in the year ended March 31st, 2014 (fiscal 2014).
In Japan, although sales in housing-related and consumer electronics businesses decreased due mainly to weakening demand after the consumption tax hike in April 2014, sales of residential solar photovoltaic (PV) systems were strong.
Overseas sales increased due mainly to strong sales in automotive-related business along with robust demand, and a positive effect from yen depreciation.
Operating profit significantly increased by 25% to 381.9 billion yen (approx. USD 3.2 billion) from 305.1 billion yen (approx. USD 2.6 billion) a year ago due to improvement of challenging businesses including business restructuring benefits, fixed cost reductions and materials cost streamlining. This led that the company achieved its CV2015 (Cross-Value Innovation 2015) financial targets of operating profit and cumulative free cash flow one year ahead of schedule.
Sales of Panasonic's Eco Solutions subsidiary, which includes the company's PV business, decreased slightly by 1% to 1,666.0 billion yen (approx. USD 14 billion) from 1,674.4 billion yen a year ago.
Eco Solutions profit increased mainly due to sales increase in residential PV
Overseas sales increased due to newly-consolidated VIKO, a Turkish company. Meantime, housing-related sales in Japan decreased due to weakening demand in housing market after the consumption tax hike. Segment profit increased by 3% to 95.3 billion yen from 92.1 billion yen a year ago due mainly to sales increase in residential solar photovoltaic (PV) systems, streamlining initiatives and fixed cost reduction.
2015-04-29 | Courtesy: Panasonic Corporation | solarserver.com © Heindl Server GmbH
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