Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 28): Panasonic Manufacturing Malaysia Bhd's third quarter net profit grew 36.4% year-on-year, on higher contribution from the home appliance products’ segment and a derivative gain from the hedging of forward contracts.

Net profit for the quarter ended Dec 31, 2017 (3QFY17) rose to RM42.65 million from RM31.27 million, which pushed earnings per share up to 70 sen from 51 sen, Panasonic's Bursa Malaysia filing today showed.

Revenue grew 11.07% y-o-y to RM317.05 million from RM285.44 million, on the back of stronger sales in domestic and export markets for both home appliances and fan products.

“Sales of home appliances grew by 14.3% compared with the previous year’s corresponding quarter mainly attributable to marketing and various aggressive year end promotional activities in the domestic market,” Panasonic said, adding that cooler weather regionally had also contributed to higher sales of home shower products especially in Vietnam, the Philippines and Malaysia.

“Fan and other products' sales grew by approximately 6.5% compared with the previous year’s corresponding quarter, mainly due to an improvement in ceiling fan sales,” the group said.

For the nine months ended Dec 31, 2017 (9MFY17), the group posted a 5.5% increase in net profit to RM105.87 million from RM100.35 million, due also to its home appliances segment, despite a decline in profit from its fan and other products segment.

Revenue over the nine-month period rose 5.34% to RM922.43 million from RM875.65 million on higher sales of vacuum cleaner products, a recovery in sales in the Middle East, and more home shower products sold due to the prolonged rainy season.

Going forward, Panasonic said while domestic demand is likely to be its key growth driver, political uncertainties in the Middle East could have an impact on the group’s export revenue.

Shares in Panasonic rose 2 sen or 0.06% today to close at RM33.70, giving the group a market capitalisation of RM2.05 billion.

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