Matsushita Reports Q2 and First-Half ResultsNovember 04, 2001 by Jeff Shepard
Matsushita Electric Industrial Co. Ltd. (Osaka, Japan) reported its consolidated financial results for the second quarter and first fiscal half, ended September 30, 2001, and non-consolidated results for the first fiscal half.
Consolidated group sales for the second quarter were down 13 percent to 1,710.8 billion yen (US$14.38 billion), from 1,964.7 billion yen in the same three-month period a year ago. Of the total, domestic sales decreased 19 percent to 823.9 billion yen (US$6.92 billion), while overseas sales decreased six percent to 886.9 billion yen (US$7.45 billion). Excluding the effects of currency translation, overseas sales decreased 14 percent from a year ago on a local currency basis.
Combining the second-quarter results with those of the first quarter, consolidated group sales for the first fiscal half decreased nine percent to 3,385.6 billion yen (US$28.45 billion), compared with 3,737.0 billion yen in the same six-month period a year ago. Domestic sales decreased 12 percent to 1,648.5 billion yen (US$13.85 billion), while overseas sales decreased six percent to 1,737.1 billion yen (US$14.60 billion). On a local currency basis, overseas sales were down 13 percent. For reasons similar to those given for second-quarter results, the company's operating profit for the first fiscal half declined to a loss of 75.7 billion yen (US$636.0 million), compared with an operating profit of 99.6 billion yen a year ago.
Accordingly, the company recorded a loss before income taxes of 87.3 billion yen (US$733.0 million) in the first six months, compared with the previous first half's income before income taxes of 105.1 billion yen, and a net loss of 69.5 billion yen (US$584.0 million), compared with a net income of 51.4 billion yen in the first half of the previous year. This resulted in a net loss per common share of 33.41 yen (US$0.28 per ADS) on a diluted basis, versus net income per common share of 23.70 yen in the first half of the previous year.