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10.05.2021

Panasonic forecasts profit jump this business year

Panasonic forecasts profit jump this business year

The company is looking to tap growing demand for electric car batteries through its partnership with Tesla

Stocks impacted: Panasonic Corp (6752)

Panasonic expects net profit to increase 27% to 330 billion yen ($3 billion) this business year. The Japanese company is looking to tap growing demand for electric car batteries through its partnership with Tesla Inc and is also investing heavily in new production chain management services in the wake of pandemic disruptions. As a reminder, last month Panasonic said it would acquire the share of U.S. supply-chain software company Blue Yonder in a $7.1-billion deal. In the year that ended in March, the firm reported a net profit of 165 billion yen, down 27%. Operating profit dropped 12% on sales of 6.7 trillion yen, down 11%. Earlier this month, Fitch Ratings has affirmed Japan-based Panasonic Corporation's Long-Term Foreign- and Local-Currency Issuer Default Ratings and foreign-currency senior unsecured rating at 'BBB-'.

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