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Panasonic shows $613 million operating profit for Q2, but lowers full year projections

The good news for Panasonic in its Q2 earnings release is that it managed to record a 48.8 billion yen ($613 million) operating profit, higher than last year. The bad news however is word of falling sales in its TV business, although we're not hearing any confirmation of changes in its plans for mobile phones. New CEO Kazuhiro Tsuga is working a new restructuring plan that should help return divisions like its one for TV to profitability, but there will be costs upfront. The company revised its operating profit prediction for the year to 140 billion yen ($1.76 billion) based on the slower sales, and still is looking at a net loss for the year of 765 billion yen ($9.6 billion) due to deferred tax assets. Hopefully any cost-cutting doesn't affect the quality of its Viera HDTV brand, but Panasonic will have to figure out some way to turn those stellar reviews into overall profits, even as the market continues to shrink. Our suggestion? Get some of those 8K Super Hi-Vision plasmas to market, ASAP.

Article source: http://www.engadget.com/2012/10/31/panasonic-earnings-q2-2013/

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