Matsushita Profit Rises 47%

Matsushita Electric Industrial Co., the world’s largest consumer-electronics maker, said third-quarter profit rose 47 percent on lower costs and flat-screen television sales. The company will cut 7,000 to 8,000 jobs in Japan in its components and mobile phone units by March 31, it said. Matsushita Electric has 340,000 employees, more than double Sony’s, according to Bloomberg data. 

Net income for the maker of Panasonic-brand consumer electronics rose to 35.6 billion yen ($341 million), or 15.56 yen per share, in the quarter ended Dec. 31 from 24.2 billion yen, or 10.5 yen, a year earlier. Full story Here.