Panasonic Corporation has seen its first-quarter operating profit fall by 7% on weak sales in its appliances and housing technology businesses.
Profit for April-June fell to 76.56 billion yen (US$619.02 million) from the same period a year prior, compared with the 92.7 billion yen average estimate of 19 analysts polled by Thomson Reuters. Sales rose 0.3% to 1.86 trillion yen.
Panasonic said appliance sales fell 3% to 599 billion yen as it cut back television marketing. Meanwhile, sales in housing technology also declined 4% to 370.2 billion yen due to a slow housing market and weak demand for solar panels.
The company said it continued to expect operating profit to rise 13% to 430 billion yen for the full year to March 31. It expects sales to rise 3.7% to 8 trillion yen.