Tokyo  - Japanese home electronics company Panasonic reported a record net profit for the year that ended in March, the company announced Monday.

Panasonic, formerly known as Matsushita Electric Industrial Co, saw its net profit rise 30 per cent to 281.88 billion yen (2.7 billion dollars) compared to a year before, thanks to a reduced tax payment.

Despite rising oil prices and other raw materials costs, Panasonic's operating profit jumped 13 per cent to 519.5 billion yen for fiscal 2007.

Sales remained almost unchanged at 9.1 trillion yen, down 0.4 per cent, mainly due to increasing competition in digital products.

While domestic sales fell 2 per cent to 4.54 trillion yen, overseas sales were up 1 per cent to 4.52 trillion yen.

As the company plans to boost sales in Russia, Brazil and India as well as the United States and Europe, it expected sales to grow to 9.2 trillion yen for the current fiscal year that ends in March 2009.

Panasonic expected its net profit to rise to 310 billion yen for fiscal 2008. (dpa)