Panasonic, Sharp back in black

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Two Japanese electronics giants, Panasonic and Sharp have reported rising profits in the nine months ending December last year.

Panasonic said it swung to a nine-month net profit of $2.4 billion thanks to the yen’s sharp decline and cost cutting as the Japanese electronics giant undergoes a painful restructuring.

The company’s 243.0 billion yen net profit between April and December reverses a net loss of 623.8 billion yen in the same period a year ago, while sales came in at 5.68 trillion yen, up 4.4 percent.

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Japanese electronics maker Sharp said it also swung back to profit for the nine months to December, thanks to stronger sales and cost cutting.

The Osaka-based company booked a 17.7 billion yen ($175 million) net profit in the April-December period, reversing an eye-watering net loss of 424.3 billion yen a year earlier.