Matsushita Reports Q2 and First-Half Results
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.