Panasonic returns back to profit

TOKYO, July 31 (Xinhua) -- Panasonic swang back to profit in the April-June quarter, logging a group net profit of 12.81 billion yen (about 163 million U.S. dollars) from a loss of 30.35 billion yen a year earlier mainly on cost-cutting.

The Osaka-based major Japanese electronics maker, Panasonic Corp., said its group operating profit rose almost seven-fold to 38.60 billion yen, despite a 6.0 percent drop on sales to 1.81 trillion yen.

The company maintained its earnings forecast for the fiscal year through March 2013. It expects a group net profit of 50 billion yen and an operating profit of 260 billion yen on sales of 8.1 trillion yen. Enditem

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