October 31, 2019 / 6:41 AM / 19 days ago

Japan's Panasonic posts 12% drop in Q2 profit, tops estimates

TOKYO, Oct 31 (Reuters) - Japan’s Panasonic Corp on Thursday reported a 12% fall in second-quarter operating profit, beating analyst estimates, as Sino-U.S. trade tensions continued to weigh on its component business.

Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla Inc, posted profit of 83.9 billion yen ($772.06 million) for the July-September period, versus 95.2 billion yen a year prior.

The result compared with the estimate of 62.74 billion yen average of nine analysts in a poll by Refinitiv.

The company maintained its profit forecast for the year through March at 300 billion yen, versus a 293.94 billion yen estimate from 19 analysts. ($1 = 108.6700 yen) (Reporting by Makiko Yamazaki Editing by Shri Navaratnam)

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