OREANDA-NEWS. Panasonic Corporation reported its consolidated financial results for the first quarter, ended June 30, 2014, of the current fiscal year ending March 31, 2015 (fiscal 2015).

Consolidated First-quarter Results Consolidated group sales for the first quarter increased by 2% to 1,852.3 billion yen compared with 1,824.5 billion yen for the first quarter of the year ended March 31, 2014 (fiscal 2014). Yen depreciation contributed to sales increase. Demand in Japan overall decreased mainly in consumer electronics products following demand surge before the consumption tax hike in April. Meantime, this negative effect was mostly offset due mainly to the effect of demand surge before the tax hike remaining in the first quarter for some products. Automotive-related business grew in sales with stable demand globally. Of the consolidated group total, domestic sales amounted to 857.4 billion yen, down by 1% from 864.9 billion yen a year ago.

Overseas sales increased by 4% to 994.9 billion yen from 959.6 billion yen a year ago.

During the first quarter under review, despite economic slowdown in China and ASEAN countries, the global economy moderately recovered as a whole due mainly to recovery from low demand after consumption tax hike in Japan and continuous economic recovery in Europe and the U.S.

Under such business circumstances, in fiscal 2015, the second year of the mid-term management plan "Cross-Value Innovation 2015 (CV2015)," Panasonic has been promoting the initiatives to consolidate a foundation to achieve CV2015 and set growth strategy for a 'New Panasonic' in fiscal 2019.

Operating profit increased by 28% to 82.3 billion yen from 64.2 billion yen a year ago, due mainly to fixed cost reduction and sales increase in real term excluding business transfers executed a year ago. Pre-tax income and net income attributable to Panasonic Corporation decreased significantly to 55.1 billion yen from 122.6 billion yen, and to 37.9 billion yen from 107.8 billion yen, respectively, mainly on one-off gain of 79.8 billion yen from pension scheme change incurred as other income (deductions) a year ago.