Panasonic Corporation, the parent company of Panasonic North America, reported a year-to-year rebound in net losses, posting positive earnings for the fiscal 2022 first quarter ended June 30, 2021. At the same time, the firm announced a reorganizational plan to restructure its operations, taking effect on October 1, 2021. The new corporate structure – which comes as the company prepares to transition to a holding company system in 2022 – includes:
- Corporate Strategy & Technology Sector.
- Operational Excellence Company.
- Energy Company – Energy Solutions, Mobility Energy and Energy Device.
- Industrial Energy – Electronic Materials, Device Solutions, Industrial Device and Electromechanical Control.
- Connected Solutions Company – Panasonic System Solutions Japan, Mobile Solutions, Media Entertainment, Process Automation and Panasonic Avionics.
- Housing Systems Business Division.
- Entertainment & Communication Business Division.
- Automotive Company – Ficosa International, Automotive Systems, HMI Systems and Infotainment Systems.
- Lifestyle Updates Business Division – Electric Works, Cold Chain Solutions, Heating & Ventilation A/C Company, Living Appliances and Solutions Company and China and Northeast Asia Company.
Regarding its Q1 profits, Panasonic reported a net income of JPY76.5 billion ($700 million), or JPY32.79 ($0.30) per share, compared to FY21Q1 losses of JPY9.8 billion ($89 million), or JPY4.21 ($0.04) per share. At the same time, Panasonic’s revenues totaled JPY1.8 trillion ($16 billion), marking 129 percent year-on-year growth over FY21 first quarter sales of JPY1.4 trillion ($13 billion).
Additional details regarding Panasonic’s restructuring plans are available via the company website.