Matsushita Electric Industrial Co.,Ltd., Osaka, Japan, reported that sales for its fiscal year ended March 31, 2001, increased 5% to $61.45 billion from $58.39 billion in the previous year.
Net income totaled $332 million, down 58% from $797 million in the prior year.
Consolidated operating profit for the year increased to $1.51 billion, up 18% from $1.27 billion the previous year. This was mainly due to sales increases in components and other segments, as well as overall cost reductions that more than offset the negative effects of the yen's appreciation and global price declines.
Matsushita's domestic sales grew 9% over the previous fiscal year to $32.27 billion, while overseas sales increased 1% to $29.18 billion. Excluding the effects of fluctuating currency exchange rates, overseas sales rose 5% on a local currency basis.
For the fiscal year 2002, ending March 31, 2002, Matsushita is forecasting setbacks in operating results, especially in the first half of the year. The company currently expects fiscal consolidated group 2002 sales to decrease by about 2% to approximately $60.4 billion.