TOKYO — Matsushita Electric Industrial Co. said Friday that profits and revenues rose for a fifth year in a row in the fiscal year just ended as strong sales of digital products offset rising material costs and stiff competition.

The Japanese electronics company, which makes Panasonic brand products, said the group's net income for the fiscal year that ended March 31 rose 40.7 percent to 217 billion yen ($1.82 billion), up from 154 billion yen the previous year.

Fiscal year results were lifted by strong performance in digital products, including digital cameras and flat-panel TVs, Matsushita said in a statement.

By category, Matsushita reported strong sales in consumer electronics, where revenue rose 6 percent to 3.75 trillion yen ($31.36 billion) from 3.69 trillion yen the year before.

Air conditioners led the 4 percent rise in home appliance sales to 1.23 trillion yen ($10.27 billion), compared with 1.18 trillion yen the previous year.

The Osaka-based company also said efforts to cut materials and fixed costs helped its bottom line, as did gains from the sale of investments related to the cable broadcasting business.

Looking ahead, Matsushita said it expects business conditions to be tough over the coming year, due to rising material costs and fiercer price competition amid concern over global economic conditions, particularly in the U.S.

Nonetheless, the company forecasts a 15 percent rise in net income to 250 billion ($2.09 billion) for the year ending next March, on revenues of 9.25 trillion yen ($77.4 billion).

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