NATIONAL Panasonic (Malaysia) Sdn Bhd expects to maintain double-digit growth in profit for the financial year ending March 31, 2003, despite the prevailing global economic conditions. The company registered a turnover of RM863mil last year.
Its managing director Jiro Tomotani said the company had not seen a slowdown in consumer demand for electrical goods in the domestic market.
We should match last years performance, Tomotani told Starbiz after a prize-giving ceremony to Panasonic dealers in Petaling Jaya yesterday.
The contest entitled Big!!@Panashop organised by National Panasonic was held from Nov 15, 2002 to Jan 15, 2003 and winners received free holidays to various destinations around the world.
The contest was held in conjunction with the companys Crazy Frenzy year-end campaign aimed at increasing sales.
Tomotani said National Panasonic was confident sales would continue to improve despite the possibility of war in Iraq.
We have a good mix of white goods and electrical products for different budgets, which is National Panasonics bread and butter and we have also seen an improvement in the sales of our high-end products such as home theatres, plasma televisions and digital cameras, he said.
Tomotani said Malaysia had a sizeable middle and higher income group of people with strong purchasing power for electrical goods.
According to Tomotani, generally Ma- laysians now enjoy a higher lifestyle and are prepared to spend on electrical items considered a luxury in the past.
They used to spend on special occasions only but now it's more often and sometimes unpredictable spending pattern. But our refrigerators and washing machine are still in good demand, he said, adding that they were one of the best-selling electrical items of the company.