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Panasonic, one of the largest manufacturers of equipment, reduced its net profit by 13% in 2018-2019 fiscal year to 173.7 billion yen or $1.6 billion. The diluted profit was 74.43 yen or $0.68 per share, which is 13% less than last year. Panasonic's operating profit collapsed 8% to 292.8 billion yen. The company's revenue grew by 3% and exceeded 6 trillion yen or $54.3 billion. Weak demand for cars in China will affect the Panasonic report this year. The company expects to reduce sales of the automotive business. The trade war between the United States and China reduces the demand for air conditioners this year. Sales of smartphones are also falling, as well as industrial automation. China is an important market for Panasonic. In 2018, 13% of the company's revenues accounted for the PRC. Against the background of weak financial performance last year, Panasonic lowered its annual forecast by 9%.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of ...
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