Panasonic’s bold move away from consumer markets paid off yesterday as it bounced back to profit while rival Sony sank back into the red.
After a round of heavy restructuring that saw Panasonic pull out of plasma TVs and smartphones, the Japanese company posted a profit of ¥63.3 billion (£401 million) in the three months to September, compared to a ¥698.6bn loss the year before.
It also raised its full-year earnings forecast as strong sales of its automotive systems and eco-friendly technology powered its transformation into an industrial components supplier from a consumer electronics brand.
By contrast, Sony was dragged to a quarterly loss by its entertainment arm after backing the flop action movie White House Down. The firm posted a ¥19.3bn loss in the summer quarter, most of which was accounted for by the films division, and slashed its profit forecast for the fiscal year to reflect problems in its electronics business.