Panasonic Corporation noted that PV module sales increased for the second quarter of its current fiscal year, helping the company to post its first net cash gain in five years.
The company reported sales in its Eco Solutions segment, which includes its PV module business, increased by 2% to 790.4 billion yen from 771.2 billion yen, compared to the same period a year ago.
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However, softness in the Japanese domestic consumer market was noted due to the impact of the consumption tax hike in April, 2014. Recently, REC Solar and SunPower had noted a drop in sales in Japan, citing softness in the Japanese PV market in the third quarter.
Panasonic also noted that profitability in its solar business was also due to cost “rationalisation” combined with increased sales.
The company also revised upward its full year forecast for fiscal 2015 reflecting profit increase from improved sales within its solar business.
Panasonic guided an operating profit of 310.0 billion yen to 350.0 billion yen, pre-tax income forecast of 120.0 billion yen to 160.0 billion yen, and net income attributable to Panasonic Corporation of 140.0 billion yen to 175.0 billion yen, respectively. Sales forecast of 7,750.0 billion yen remains unchanged.
