Matsushita Electric Reports March 2002 Annual ResultsApril 28, 2002 by Jeff Shepard
Matsushita Electric Industrial Co. Ltd. (Osaka, Japan) reported its annual financial results for the year ended March 31, 2002 (fiscal 2002). Consolidated operating profit for the year declined to a loss of 211.8 billion yen (US$1.59 billion), as compared with an operating profit of 188.4 billion yen in the previous fiscal year.
Consolidated income before income taxes for fiscal 2002 turned to a loss of 548.0 billion yen (US$4.12 billion), as compared with a pretax profit of 100.7 billion yen a year ago. The company recorded a net loss of 431.0 billion yen (US$3.24 billion), as compared with a net income of 41.5 billion yen in the previous fiscal year. The company's consolidated annual net loss per common share for fiscal 2002 was 207.65 yen (US$1.56 per American Depositary Share) on a diluted basis, compared with a net income per common share of 19.56 yen on the same basis a year ago.
Consolidated group sales for fiscal 2002 were down 10 percent to 6,876.7 billion yen (US$51.70 billion), from 7,681.6 billion yen in the previous fiscal year. Of the total, sales in Japan decreased 17 percent to 3,348.4 billion yen (US$25.18 billion), from 4,033.8 billion yen, while overseas sales slipped three percent to 3,528.3 billion yen (US$26.53 billion), compared with the previous year's 3,647.8 billion yen. Excluding the effects of currency translation, overseas sales were down 10 percent from the previous year on a local currency basis.