Panasonic Holdings Corp. posted Thursday a record net profit of 443.99 billion yen ($2.85 billion) for the business year ended March, jumping 67.2 percent from the previous year, helped by U.S. subsidies for battery production for electric vehicles.

The Osaka-based manufacturer said that its earnings received a boost from both the tax credits provided by the U.S. Inflation Reduction Act and one-time gains resulting from the sale of its LCD panel unit. The liquidation of Panasonic Liquid Crystal Display Co. led to a reduction in income taxes.

Panasonic's operating profit for fiscal 2023 rose 25.1 percent to 360.96 billion yen on sales of 8.50 trillion yen, up 1.4 percent.

The automotive segment saw its operating profit rise 2.6-fold to 42.8 billion from 16.2 billion yen the year before.

For the current fiscal year ending next March, Panasonic expects net profit to fall 30.2 percent to 310 billion yen and operating profit to increase 5.3 percent to 380 billion yen. Sales are estimated at 8.6 trillion yen, up 1.2 percent.

==Kyodo

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