Panasonic Malaysia Suffers 74% Drop In PBT From Lower Sales

Panasonic Malaysia saw its revenue decline 24.7% to RM195.5 million for the current quarter compared to revenue of RM259.6 million recorded in the preceding quarter. The lower revenue it said was mainly due to lower sales in the export market for both LASC and HVAC products segments due to slower sales demand seen especially in Vietnam and
Middle East markets. In addition, home shower products generally record lower seasonal sales during the fourth quarter.

The company also recorded a combined profit before taxation of RM5.9 million for the current quarter ended 31 March 2023, representing a decrease of RM17.0 million or 74.4% as compared to the preceding quarter’s profit before taxation of RM22.9 million. The lower profitability was mainly due to lower sales achieved for the current quarter as compared to the preceding quarter. Included in the preceding quarter’s profit was also a claim amounting to RM12.4 million received in relation to the termination of kitchen appliances products.

On prospects for the rest of the year, the electrical appliance company said being an export-oriented company, the next financial year will continue to be challenging however, it is intensifying its efforts to venture into new products to maintain its business competitiveness and to counter the loss of sales of recently terminated businesses.

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