(MENAFN) Japanese electronics giant Panasonic said that its annual profit soared 49 percent, boosted by strong results at its lesser-known auto parts unit and lower costs, The Peninsula Qatar reported.
The Osaka-based firm's earnings for the fiscal year which ended March 31st surged to USD1.5 billion, although revenue edged down 0.3 percent to reach USD64.64 billion.
Sales in the unit rose "mainly to favorable demand in automotive business overseas especially in North America and Europe, offsetting a sales decrease from downsizing unprofitable businesses ", it said.
The upbeat figures underscore how Panasonic's shift to focus on lesser-known businesses has helped its finances, and made it a standout as rivals Sony and Sharp continue to struggle.
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