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.
