- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:58 am |
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Dhuhr |
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12:08 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:49 pm |
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Isha |
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08:09 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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16.97 |
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22ct / gm |
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16.60 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.58 |
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Euro |
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2.01 |
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Pound |
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1.70 |
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Indian Rs. |
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142.84 |
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Pak Rs. |
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255.60 |
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Bangla Taka |
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201.37 |
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Panasonic, which also makes hair dryers, refrigerators and car-navigation systems, is scheduled to announce a new medium-term plan by the end of March. Bloomberg News
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Tokyo: Panasonic, Japan's biggest television-maker after Sony, rose the most in more than 38 years in Tokyo trading after posting an unexpected profit because of a weaker yen, asset sales and job cuts.
The company surged by its daily limit of ¥100, or 17 per cent, the biggest gain since at least September 1974, to ¥692 in Tokyo.
Net income was ¥61 billion ($658 million) in the three months ended December 31, the company said on February 1.
Analysts expected a ¥17 billion loss, based on the average of three estimates.
The TV-maker and Sharp both reported improved results in the quarter as the yen's plunge boosted the value of overseas sales. Osaka-based Panasonic has also eliminated more than 38,000 jobs since April to cut costs amid a projected second straight annual loss, slower TV demand and competition from Samsung Electronics.
"Panasonic seems to have turned a corner," said Masamitsu Ohki,
a fund manager at Stats Investment Management, a Tokyo-based hedge fund.
"That is easing investor concerns about its survival." Japanese exporters led gains in Tokyo trading after the yen weakened to the lowest level since 2010 versus the dollar and euro.
Sony, scheduled to report earnings February 7, surged 7.5 per cent to ¥1,457, the highest close since April 12. The company will announce a new PlayStation 4 game console at a February 20 event, says Michael Pachter, an analyst with Wedbush Securities.
Turnaround
Sharp, Japan's third-biggest television maker, gained 5.5 per cent to ¥347, the highest close since July 11. The company reported its first operating profit in five quarters on February 1.
Panasonic, which also makes hair dryers, refrigerators and car-navigation systems, is scheduled to announce a new medium-term plan by the end of March. Kazuhiro Tsuga, who was promoted to president in June, has said the company may pull out
of businesses with operating margins of less than 5 per cent by March 2016. The company reiterated its forecast for a full-year loss of ¥765 billion.
The TV-maker has already
announced plans to cut 8,000 jobs in the six months ending March 31. Its workforce shrank to 321,896 as of September 30, from about 385,000 two years earlier.
Other turnaround measures include ending smartphone sales in Europe, closing domestic plants for lithium-ion power cells and suspending investment for solar-cell facilities in Malaysia. Panasonic's results beat the consensus, "thanks to a bigger-than-expected impact from cost-cutting," Shunsuke Tsuchiya, a Tokyo-based analyst at Credit Suisse, wrote in a report. "There is a limit to what can be achieved by cost- cutting alone. We look forward to seeing specific measures to combat the decline in sales."
Shutting divisions is a 'worst-case' scenario, and the company will try to safeguard jobs whether units are sold, restructured or closed, Tsuga said last month. He didn't elaborate on which operations may close.
In October, the company said it will generate ¥110 billion in cash from selling assets by March 31. It also intends to boost appliance sales outside Japan, strengthen its business making home-energy management systems and to offer more products for corporate customers.
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