Panasonic Shares Rocket On Return To Profit
Shares in Japanese electronics giant Panasonic have rocketed 19%, after it returned to profit.
The boost comes after it revealed a nine-month income of £1.5bn for the nine months to the end of December.
The share price had dropped 7% on Monday after investors were spooked by a market sell-off and Panasonic has suffered losses of more than £9bn in the last two financial years.
But it said net profit from April to December of £1.5bn reversed a net loss of £3.76bn over the same nine months in 2012.
It said sales rose 4.4% in the 2013 reporting period.
The return to economic health was put down to the firm slashing overheads, boosted vehicle products and the weaker yen.
The Japanese currency has lost around a quarter of its value against the dollar, helping exporters.
Panasonic makes a variety of electronic products, including televisions, appliances, GPS systems and batteries.
Japan's once-invincible electronic sector has been hit with massive upheaval recently and rivals Sharp and Sony have also needed to restructure their operations.
South Korean competitors have eaten into their TV sector sales, while Apple and Samsung have swamped the lucrative smartphone market.
Panasonic has said it will stop smartphone manufacturing and halt plasma TV screen production.
On Tuesday, Sharp reported a nine-month profit of £100m on improved sales of 21%, following a massive £2.56bn loss the year before.
Sony is due to release its figures on Thursday and has also returned to profit after four years of losses.
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