TOKYO :Japan's Panasonic Holdings Corp lowered its annual operating profit forecast by 12.5 per cent on Thursday after lower-than-expected third-quarter earnings, hit by headwinds from a slowing global economy and persistently high raw materials prices.The company faces challenges amid a tricky outlook for gl
TOKYO :Japan's Panasonic Holdings Corp lowered its annual operating profit forecast by 12.5 per cent on Thursday after lower-than-expected third-quarter earnings, hit by headwinds from a slowing global economy and persistently high raw materials prices.
The conglomerate slashed its operating profit forecast to 280 billion yen for the financial year to Mar. 31, from 320 billion yen. That compares to an average forecast of 335.98 billion yen by 19 analysts surveyed by Refinitiv. The company's energy unit last month signed an agreement with Lucid Group Inc to supply lithium-ion batteries for the EV maker's full lineup, including its"Air" luxury model.
Panasonic's third-quarter result, with its operating profit rising 16 per cent to 84.4 billion yen in the three months ended Dec. 31, fell short of a mean estimate of 95.31 billion yen profit from nine analysts.
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