Panasonic Corp. raised its earnings forecast for the fiscal first half, citing a stabilizing global economy, increased savings and a more favorable currency exchange rate.
The net loss in the six months ending Sept. 30 will probably be ¥100 billion, while sales may total ¥3.3 trillion, the Osaka-based company said Monday. Panasonic, the world's largest maker of plasma televisions, earlier projected the shortfall at ¥195 billion and revenue of ¥3.26 trillion.
Demand is recovering following the implementation of economic stimulus packages by governments worldwide, while reductions in fixed costs are helping to boost profit, Panasonic said. The company cited continued economic uncertainty for leaving its annual targets unchanged.
The first-half operating loss, or sales minus the cost of goods sold and administrative expenses, will probably be ¥20 billion, narrower than the ¥105 billion forecast in May, Panasonic said.
"There are still uncertainties for the second half, in the device market and the European economy," Makoto Uenoyama, director in charge of finance, said at a briefing in Tokyo. "After seeing what happened last year, we won't be able to tell what the full-year forecast is until around October."
The maker of Viera TVs posted a third straight quarterly loss after the global recession eroded its earnings from TVs and components.
The net loss was ¥53 billion in the three months that ended June 30.