Panasonic Half-Year Report 2024
Operating profit increased by 29% to 192.8 billion yen and profit before income taxes increased by 35% to 224.3 billion yen from a year ago. This is due mainly to the progress of price revisions and rationalization, the effect of exchange rates, as well as recording of tax credit under the Inflation Reduction Act in the U.S. (the “US IRA Tax Credit”), despite increased fixed costs mainly related to strategic investments and the impact of price hikes in raw materials.
Net profit attributable to Panasonic Holdings Corporation stockholders considerably increased by 169% to 288.4 billion yen from a year ago. This is due to the above-mentioned factors as well as a decrease in income tax with the liquidation of Panasonic Liquid Crystal Display Co., Ltd. (through “Special Liquidation” defined in the Japanese Companies Act) and its debt waiver (for further details, please refer to Note 1 of “Notes to consolidated financial statement”).