Matsushita’s Q2 profit drops on recall costs


AP

TOKYO — Costs for a massive cellphone battery recall helped depress profit for the second fiscal quarter 17 percent at Matsushita, which makes Panasonic brand products.

Matsushita Electric Industrial Co.’s July-September profit sank to 65.81 billion yen (US$573.8 million) from 79.29 billion yen the same period the previous year, the company said Tuesday.