Panasonic Q1 profit gains nearly 7-fold after cost-cutting

Japan's Panasonic Corp posted a nearly seven-fold gain in first-quarter operating profit after cutting costs to offset losses in its TV unit hammered by competition from foreign rivals including Samsung Electronics.

Operating profit rose to 38.6 billion yen in the three months to June from a profit of 5.6 billion yen a year earlier, Panasonic said on Tuesday.

That was in line with the average 40 billion-yen profit estimated by three analysts surveyed by Thomson Reuters I/B/E/S.

The maker of Viera TVs stuck with a forecast for full-year operating profit to increase to 260 billion yen.