Panasonic forecasts jump in profit
Betting on rebounding economies around the world Panasonic expects operating profit to jump by almost a third this business year. On Monday, the Japanese maker of items from bicycles to hairdryers, forecast operating profit to rise to 3 billion.
Panasonic is looking to tap growing demand for electric car batteries through its decade-old partnership with tesla a source told reuters that this business year, the firm plans to begin a test line in Japan to make a new type of cell for tesla the carmaker says the format will halve battery costs and help ramp up production 100-fold by 2030.
Panasonic is also investing heavily in new production chain management services. Companies are seeking to strengthen supply chains in the wake of disruptions during the global health crisis last month, Panasonic said it would acquire the share of U.S. supply chain software company blue yonder that it does not already own. The 7.1 billion deal will be its biggest in a decade for the quarter to the end of March.
The Japanese conglomerate posted a fourth quarter operating profit of 292 million dollars down 40 percent from a year ago.
Its shares closed up over one and a half percent