Panasonic Corporation has reported quarterly and half-year results, with sales down and losses growing despite an increase in operating profit.
Consolidated group sales for the second quarter decreased by 12% year-on-year to 1,823.7 billion yen (£14.1 billion) and the net loss was 698 billion yen compared with a 105.8 billion yen loss in the same quarter a year ago.
The company has now forecast a net loss of 765 billion yen for the financial year after admitting that restructuring costs were considerably higher than previously expected. Panasonic also announced that it’ll be merging some of its business units.
Meanwhile, Sharp Corporation revealed half-year net sales down 16% to 1,104.2 billion yen (£8.5 billion) and a net loss of 387,584 million yen for the six-month period. A net loss of 450 billion yen for the financial year is expected.
It said Sharp was currently “in circumstances in which material doubt about its assumed going concern is found” and planned further restructuring, “aiming to be a life style creating company”.