Japanese electronics maker Matsushita said Thursday its quarterly profit climbed 46 percent on strong sales of appliances and digital audiovisual products.
Net income at Matsushita Electric Industrial Co. rose to 115.2 billion yen ($1.08 billion) from 78.7 billion yen in the quarter ended Dec. 31 from the same period a year ago, the maker of Panasonic brand products.
Quarterly sales fell 4 percent to 2.34 trillion yen ($22.02 billion) from 2.44 trillion yen a year earlier.
The company’s share price surged 8.7 percent to close at 2,250 yen after Matsushita announced it had settled ongoing semiconductor patent lawsuits with Samsung Electronics Co. in the U.S. and Japan.
The two companies agreed to enter a patent cross license agreement in the field of semiconductors as part of the settlement. The agreement’s details will not be disclosed, Matsushita said in a separate statement.