Sales up at Japan’s Panasonic in first quarter, but profit down

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Sales rose at Panasonic Corp in the first quarter, but profits declined, the Japanese electronics maker reported on Thursday. Panasonic said that first quarter net profit attributable to stockholders decreased 36% to ¥48.9 billion ($36.03 million) from ¥76.5 billion a year ago. Operating profit decreased 39% to ¥63.7 billion, due mainly to the impact of this year’s coronavirus lockdown in Shanghai, shortage in semiconductor and parts & materials, and price hikes in raw materials. Consolidated group sales increased 10% to ¥1.97 trillion, from ¥1.79 trillion last year, mainly on increased sales …

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