Panasonic first-half profit sags on higher costs | 2018-11-01 |

Panasonic first-half profit sags on higher costs

31st October, 2018 09:38:34 printer

TOKYO: Japanese electronics giant Panasonic said Wednesday first-half net profit slipped on higher costs linked to a factory it runs with US electric carmaker Tesla, though sales rose thanks to growth in automotive products and industrial systems.

Net profit fell 4.5 percent on-year to 113.6 billion yen ($1 billion) in the six months to September at the Osaka-based company, which supplies battery cells to Tesla, reports AFP.

Panasonic has partnered with the US innovator as well as local car makers as it explores ways to expand beyond its mainstay electronics operations. The Japanese firm jointly produces lithium-ion batteries with Tesla at a “gigafactory” in the United States.