Panasonic forecasts profit 28% profit jump on economic rebound

Panasonic Corp expects operating profit to jump by almost a third this business year as economies worldwide rebound from coronavirus lockdown slumps, the company said on Monday.

Panasonic forecast operating profit to rise 27.6% to 330 billion yen ($3 billion) this business year. The figure is slightly higher than an average forecast of 327.56 billion based on estimates from 16 analysts, Refinitiv data shows.

The Japanese maker of items from bicycles to hair dryers is looking to tap growing demand for electric car batteries through its decade-old partnership with Tesla Inc and is investing heavily in supply chain management services.