Panasonic lifts full-year operating profit estimate on weak yen
TOKYO (Reuters) - Japan's Panasonic Corp raised its full-year operating profit outlook on Thursday as it benefited from a weaker yen that has boosted the value of earnings repatriated from overseas.
The electronics conglomerate forecast group profit of 265 billion yen ($2.35 billion) for the year ending March 31, up from a previous estimate of 245 billion yen under international financial reporting standards (IFRS).
The forecast, however, was less than a 288 billion yen Thomson Reuters Starmine SmartEstimate, based on forecasts of 19 analysts.
Panasonic reported under U.S. accounting standards October-December operating profit fell to 96 billion yen ($850.54 million) from 119.8 billion yen a year earlier as costs increased because of investments to expand businesses such as its battery unit.
That beat a Thomson Reuters Starmine SmartEstimate of 77 billion yen drawn from seven analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts.
($1 = 112.8700 yen)
(Reporting by Tim Kelly; Editing by Muralikumar Anantharaman)