Panasonic Q1 profit jumps, keeps full-year forecast

Japan’s Panasonic Holdings posted a 42 per cent rise in first-quarter operating profit on Monday, buoyed by a weaker yen and stronger sales in its automotive and energy segments, while it stuck to its full-year outlook.

Panasonic, whose energy unit makes batteries for Tesla Inc, said operating profit came to 90.37 billion yen ($637 million) in the three months to end-June, almost exactly in line with analyst forecasts.

Its battery unit, Panasonic Energy, and Subaru said they had started talks to establish a battery supply partnership for electric vehicles that would supply the Japanese automaker with cylindrical lithium-ion batteries.