Panasonic sees record profit on booming overseas business

Japanese electronics giant Panasonic Holdings says it expects net profit to hit a record high during the current fiscal year, mainly on booming business overseas.

The industrial conglomerate forecasts a net profit of 350 billion yen, or about 2.6 billion dollars, in the business year through March.

Group sales are projected at 8.5 trillion yen, or around 63 billion dollars, on strong demand for energy-efficient air conditioners, mainly in Europe.

The company says higher costs of raw materials will be passed onto retail prices, and that should also help earnings.

Another factor is US subsidies for companies that produce batteries for electric vehicles in the country. These are expected to add around 750 million dollars to the bottom line.