TOKYO - Panasonic said Tuesday it swung back into the black for the April-June quarter as it cut costs to restructure its business while battling the negative effects of a strong yen.
The Osaka-based consumer electronics giant posted a net profit of 12.8 billion yen ($164 million), reversing a net loss of 30.4 billion yen for the same period last year.
Sales declined 6.0 percent from a year earlier to 1.81 trillion yen but operating profit surged to 38.6 billion yen from 5.6 billion yen a year ago.
"Despite a sales decline and yen appreciation, these results were due to mainly to fixed cost reductions and streamlining of material costs," the company said in a statement.
Panasonic left unchanged its full-year forecast, projecting it would return to the black in the current fiscal year to March 2013 with a net profit of 50 billion yen.
For the previous fiscal year, Panasonic suffered a record 772.2 billion yen net loss, one of the worst-ever losses for a non-financial Japanese firm.
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