Panasonic remembers how to make money, reports $667 million profit last quarter

Panasonic remembers how to make money, thanks to weaker yen and costcutting

Just as Sharp offered a slightly more hopeful glimpse at its balance sheet this morning, so too does Panasonic have something worth celebrating: a quarterly net profit of 61.4 billion yen ($667 million) for the last three months of 2012. That's not huge for a company of this stature, of course, and it's also true that underlying sales slipped by 8 percent, with the move to profit mostly stemming from the weaker yen and previous cost-cutting exercises. Nevertheless, compared to the ego-crushing 197.6 billion yen loss it made a year earlier, no one in that big HQ above is likely to be complaining.

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Source: Yahoo (AP)