Panasonic lifts FY 2020 earnings forecasts on stronger sales

©Kyodo News

Panasonic Corp. on Tuesday raised its earnings forecasts for the current year through March, projecting a net profit of 150 billion yen ($1.4 billion), helped by stronger-than-expected sales in home appliances and a pickup in demand for automotive equipment.

The figure, revised upward from the company's earlier estimate of 100 billion yen in net profit, would still mean a 33.5 percent drop from a year earlier.

Sales are now expected to drop 11.9 percent to 6.6 trillion yen, up from 6.5 trillion yen forecast, while operating profit will likely decrease 21.7 percent to 230 billion yen, also revised upward from 150 billion yen.

For the April-December period, Panasonic's net profit slipped 26.9 percent from a year before to 130.14 billion yen.

Operating profit shrank 5.8 percent to 226.80 billion yen after sales fell 15.3 percent to 4.87 trillion yen.