Toshiba and Matsushita both have strong years
We’re getting near the end of the financial reporting season, but the largely positive results just keep coming. Two Japanese giants are sharing good news today. Both Toshiba and Matsushita, the makers of Panasonic products, enjoyed successful quarters to end their fiscal years.
Matsushita tripled their annual net profit to $1.35 billion. That was comfortably ahead of the company’s own projections despite revenue only growing 2.1%, meaning margins were very healthy. The leading force in the financial boom was plasma televisions, which doubled in sales volume. The company expects to double their sales again this year, so another strong financial year is on the horizon, despite falling plasma TV prices.
Toshiba saw their net profit grow by a smaller, but still very impressive 70% to $685 million. Their success was spread more evenly across the company, with memory chips, mobile handsets and other digital products all performing well. Their revenue grew by 8.7%.
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