Panasonic today announced its consolidated financial results for the first quarter ended June 30, 2012 of the current fiscal year ending March 31, 2013 (fiscal 2013). The company reported operating profit rose to ¥38.6 billion ($493.67 million) in the three months to June from a profit of 5.6 billion yen a year earlier. The consolidated group sales for the first quarter decreased by 6% to ¥1814.5 billion, blaming weak demand for AV products in Japan compared with ¥1929.5 billion. The domestic sales amounted to ¥922.1 billion, down by 5% from ¥967.6 billion a year ago. Overseas sales decreased by 7% to ¥892.4 billion from ¥961.9 billion a year ago. Operating profit increased to ¥38.6 billion from ¥5.6 billion a year ago, while pre-tax income and net income increased to ¥37.8 billion and ¥12.8 billion from a loss of ¥17.4 billion and a loss of ¥30.4 billion, respectively.
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