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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.

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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)