Japanese electronics giant Panasonic said Tuesday its annual net profit soared 49 percent, crediting strong results at its lesser-known auto parts unit and lower costs linked to a sweeping restructuring.

The Osaka-based firm's earnings for the fiscal year to March came to 179.49 billion yen ($1.5 billion), while revenue edged down 0.3 percent to 7.7 trillion yen.

For the current fiscal year, which started this month, Panasonic said it expects a 180 billion yen net profit on revenue of 8.0 trillion yen.