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Panasonic H1 Profit Down, Backs FY20 Earnings View, Cuts Sales Forecast

Japanese electronics maker Panasonic Corp. (PCRFY.PK,PCRFF.PK) reported Thursday that its first-half net profit attributable to stockholders declined 11 percent to 100.9 billion yen from 113.6 billion yen last year.

Operating profit was 140.3 billion yen, 28 percent lower than 195.2 billion yen a year earlier. This was due mainly to lower sales in China, and sluggish overseas TV sales, among other matters.

Net sales dropped 4 percent to 3.84 trillion yen from 4.01 trillion yen last year. Domestic sales increased due mainly to favorable sales of housing-related businesses.

Further, the company said its Board of Directors resolved to distribute an interim cash dividend of 15 yen per share to shareholders of record as of September 30, payable November 29.

Looking ahead for fiscal 2020, the company continues to expect attributable net profit of 200 billion yen or 85.75 yen per share, and operating profit of 300 billion yen.

The company now expects net sales of 7.70 trillion yen, lower than previous estimate of 7.90 trillion yen.

The outlook is lower than last year's attributable profit of 284.1 billion yen, operating profit of 411.5 billion yen and net sales of 8 trillion yen.

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