Tokyo- Matsushita Electric Industrial Co saw a record net profit in the April-June period on increases in its overseas sales, mainly flat-panel televisions, the company said Tuesday.

The Japanese home electronics company saw its net profit rise 85.8 per cent in the three months through June 30 from the same period last year to a record 73.03 billion yen (678.06 million dollars).

Matsushita also attributed the sharp profit increase to the cost-cutting efforts, which more than offset negative factors such as the yen's rise and surging materials costs, the company said.

Sales fell 3.9 per cent to 2.15 trillion yen after the company eliminated Victor Co of Japan from its earnings due to Victor's share decline.

But sales of flat-panel televisions jumped 32 per cent to 245.4 billion yen.

Matsushita's operating profit surged 48.2 per cent to 109.57 billion yen in the April-June period.

The company expected net profit to rise 10 per cent to 310 billion yen for the full year and sales to go up 1.4 per cent to 9.2 trillion yen. (dpa)