Panasonic shares surge 17%
Panasonic rose the most in more than 38 years in Tokyo trading after posting an unexpected profit because of a weaker yen.
Panasonic rose the most in more than 38 years in Tokyo trading after posting an unexpected profit because of a weaker yen, asset sales and job cuts.
The company surged by 17 per cent, the biggest gain since at least September 1974.
Net income was 61 billion yen (€483million) in the three months ended December 31, the company said.
The TV-maker and Sharp both reported improved results in the quarter as the yen's plunge boosted the value of overseas sales.
Osaka-based Panasonic has also eliminated more than 38,000 jobs since April to cut costs amid a projected second straight annual loss, slower TV demand and competition from Samsung Electronics.
"Panasonic seems to have turned a corner," said Masamitsu Ohki, a fund manager at Stats Investment Management, a Tokyo-based hedge fund.
"That is easing investor concerns about its survival."
Japanese exporters led gains in Tokyo trading after the yen weakened to the lowest level since 2010 versus the dollar and euro.
Sony, scheduled to report earnings February 7, surged 7.5 per cent to 1,457 yen, the highest close since April 12.
The company will announce a new PlayStation 4 game console at a February 20 event, according to Michael Pachter, an analyst with Wedbush Securities in Los Angeles.
Sharp, Japan's third-biggest television maker, gained 5.5 per cent to 347 yen, the highest close since July 11.
The company reported its first operating profit in five quarters on February 1. Panasonic, which also makes hair dryers, refrigerators and car-navigation systems, is scheduled to announce a new medium- term plan by the end of March.
Kazuhiro Tsuga, who was promoted to president in June, has said the company may pull out of businesses with operating margins of less than 5 per cent by March 2016. The company reiterated its forecast for a full-year loss of 765 billion yen.
The TV-maker has already announced plans to cut 8,000 jobs in the six months ending March 31.
Its workforce shrank to 321,896 as of September 30, from about 385,000 two years earlier.
Other turnaround measures include ending smartphone sales in Europe, closing domestic plants for lithium-ion power cells and suspending investment for solar-cell facilities in Malaysia.