Panasonic is back in the black in Q1 2012, following its largest-ever 2011 losses-- through cost cutting measures the company records $163.7 million net profits despite a -6% Y-o-Y decline in group sales.
However Panasonic does not attribute any success to its bleeding TV division, as Q1 2012 Plasma sales fall by -47% Y-o-Y. Back in 2011 Panasonic spent nearly $11 billion to write-down losses from massive investments in plasma display factories and early retirement payments.
BD recorder and player sales drop by -60% Y-o-Y, while the Panasonic products segments (including PCs) makes nearly $64.6 billion in profits.
Other profitable segments for the company include industrial goods, including solar panels and rechargeable automobile batteries.
New Panasonic president Kazuhiro Tsuga says he is conducting a "strategic review" of every part of the company-- pledging to pull out of loss-making or low-profit businesses in favour of more investment in the profitable energy business.
