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Panasonic shares surge as it swings back into profit
Shares of Panasonic have surged 13% to 672 yen in Tokyo, after the firm swung back into profit in the third quarter. On Friday, Panasonic reported a net profit of 61.3bn yen ($666m; £421m) for the October-December period, compared with a 197.6bn yen loss a year earlier. Panasonic, which kept its forecast for a full-year loss unchanged, said a weak yen had improved business conditions. Analysts said investors were hoping that a weak currency will help boost profits further in the current quarter. "For the time being they are being rescued by the weak yen and it looks like they may have a good fourth quarter as well," Yuuki Sakurai of Fukoku Capital Management told the BBC. The Japanese currency has dipped more than 15% against the US dollar since November last year. A weak yen boosts profits of Japanese exporters such as Panasonic when they repatriate their foreign earnings back home. It also makes Japanese goods more affordable to foreign buyers. "The hope is WOW Power Leveling that if the yen continues to to remain weak then the losses could be less than what Panasonic had previously forecast," Mr Sakurai added. WOW Gold The firm has said it expects to make a net loss of 765bn yen for the financial year to 31 March 2013.
Panasonic shares surge as it swings back into profit