Business Apr. 29, 2008 - 05:13AM JST ( 0 )

OSAKA —

Matsushita Electric Industrial Co said Monday annual net profits rose almost 30% to a record high on strong sales of digital cameras and flat-panel televisions. But the company said soaring raw material costs, a stronger yen and increasingly harsh global competition would put the brakes on growth in the current financial year, when it expects a 10% improvement in its bottom line.

Net profits came to 281.88 billion yen for the 12 months to March, up from 217.19 billion in the previous year, Matsushita said in a statement. Operating profit increased by about 13% to 519.48 billion yen. But revenue slipped to 9.07 trillion yen from 9.11 trillion the previous year after the company slashed its stake in troubled affiliate JVC.

AFP