Business Jul. 30, 2008 - 07:22AM JST ( 0 )

OSAKA —

Matsushita Electric Industrial Co said Tuesday that its group net profit in April-June increased 85.7% from a year earlier to 73,031 million yen, supported by brisk sales of its flat-panel display television sets. In the first quarter of fiscal 2008, Matsushita’s group operating profit jumped 48.2% to 109,573 million yen.

Sales fell 3.9% to 2,151,997 million yen as audio and video equipment maker Victor Co of Japan was removed from its group earnings structure following JVC’s capital tie-up with Kenwood Corp.

The sharp profit rises came as the company’s cost-cutting efforts more than offset negative factors such as the yen’s rise and surging materials costs, the major electronics maker said.

Sales of Matsushita’s plasma display panel TVs rose 53% from a year before to 1.22 million units, and sales of liquid crystal display panel TV sets increased 35% to 990,000 units.

Sales of digital electronics products, including DVD recorders, rose 5% to 975.5 billion yen. Sales of household electric appliances such as refrigerators rose 1% to 342.7 billion yen.

But sales of electronic devices fell 5% to 269.3 billion yen.

Digital consumer electronics, including flat-panel TVs, sold well abroad in the quarter, with combined sales in five emerging markets—Brazil, Russia, China, India and Vietnam—surging 34% year on year.

JCN