Japanese-based electronics company Panasonic posted a profit this year after two years of losses, the company reported. The turnaround is a response to the weakening of the yen and company restructuring, both of which helped with a steady and gradual recovery. A 16 percent increase in gains is expected this coming year.
Panasonic is not the only Japanese electronics company that has been having difficulties showing profits. Competition with Apple Inc and Korea-based Samsung has forced prices of consumer electronics and gadgets down, furthering Panasonic’s troubles.
Panasonic, whose headquarters I in Osaka, is the maker of Lumix cameras and Evolta batteries. The company reported a profit of 120.4 billion yen ($1.2 billion) for the fiscal year ending in March 2014. This is a large improvement over the previous year when the company posted a $1.4 billion loss. During the fiscal year which ended in March 2012 Panasonic posted the largest loss ever for a Japanese company, $7.72 billion. There is a projection of an additional $1.4 billion net profit for the coming fiscal year ending in March 2015.