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Panasonic raises profit outlook 12% on share valuation gain

A man is seen next to Panasonic Corp’s logo at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon

TOKYO, Oct 28 (Reuters) – Japan’s Panasonic Corp (6752.T) on Thursday raised its full year operating profit outlook by 12% helped by a share valuation gain and increased sales of automotive batteries and factory automation equipment.

Panasonic raised its profit forecast for the year to March 31 to 370 billion yen ($3.25 billion) from 330 billion yen. The prediction is higher than a mean 368.1 billion yen profit based on forecasts from 20 analysts, Refinitiv data shows.

In the three months Sept 30, Panasonic posted a profit of 96.8 billion yen compared with a profit of 92.8 billion yen a year ago. That result was worse than an estimated mean 105.9 billion yen profit from nine analyst surveyed by Refinitiv.

The Japanese company reassessed its 20% stake in Blue Yonder by 58.3 billion yen after it bought the rest of U.S. software company for $7.1 billion in September.

Panasonic last business year sold its stake in Tesla Inc (TSLA.O) for about 400 billion yen, according to financial filings, to help fund that deal. Blue Yonder uses machine learning to help companies manage their supply chains by connecting factories to warehouses and retailers.

($1 = 113.7100 yen)

Reporting by Tim Kelly; Editing by Christian Schmollinger and Barbara Lewis

Our Standards: The Thomson Reuters Trust Principles.

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