Japan's Panasonic Corp said it remains on track for a fourth straight year of operating profit growth, vindicating a restructuring that has seen the electronics firm pivot toward new goods like auto parts and away from former glories like TVs.
Reporting operating profit for the year ended March rose 25 per cent, Panasonic said on Tuesday it expects operating profit to grow 15 per cent to 430 billion yen ($3.61 billion) in the fiscal year that started in April, bolstered by energy-efficient home appliances and high-tech auto parts.
The outlook was in line with the forecast it gave last month. Operating profit for the 12 months ended March was 381.9 billion yen, beating Panasonic's March forecast of 350 billion yen.
($1 = 118.9900 yen)