Panasonic expects 21 percent yearly profit increase as auto focus pays off

Panasonic stated Thursday it expects operating profit to increase 21 percent in the financial year through March as investments in advanced vehicle parts start to pay off.

Panasonic projected operating profit to increase to 335 billion yen ($2.93 billion) from 276.8 billion yen a year before.

The outlook compares with the 346.28 yen average estimates assembled by Thomson Reuters.

Panasonic, which mark its 100th anniversary in 2018, is moving its focus to corporate customers such as automakers to escape price competition in lower-margin customer electronics.