Matsushita Electric Industrial Co, the Osaka, Japan company which claims to be the world’s largest manufacturer of consumer electronics, has suffered cruelly from the slowdown in consumer spending in its home market. Net profit for the year to March 31 is down 32 per cent to $688.1m on sales 2.8 percent higher at $56bn. Analysts said the company also suffered from stiffer competition for audiovisual products from Japanese companies such as Samsung Electronics and LG Electronics. With domestic prospects looking bleak, the company is concentrating on growing overseas sales. One bright spot last year was revenues from communication and industrial equipment, which includes mobile phones ands computer parts, grew by 9 percent to $21.7bn. Currency converted at 135.91 yen to the dollar.
