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Panasonic returns to annual profit on weak yen, expects 16 pct rise in profit for current year

Panasonic has returned to profit from deep losses the previous fiscal year on the back of a weak yen. It is forecasting a 16 percent increase in profit for the coming fiscal year.

Panasonic Corp. reported Monday 120.4 billion yen ($1.2 billion) in profit for the fiscal year through March 2014, a reversal from a 754.3 billion yen loss the previous fiscal year.

Panasonic has been restructuring its sprawling operations to become more profitable. For the fiscal year through March 2012, it lost 772 billion yen, one of the biggest losses ever for a Japanese company.

Sales for the fiscal year ended March 2014 improved 6 percent to 7.737 trillion yen ($75.85 billion).

A weak yen is a boon for Japanese exporters by boosting the value of overseas earnings.