Panasonic Corp., Japan’s biggest consumer electronics maker, reported profit that exceeded analyst estimates after cutting wages, selling assets and a one-time gain from changes in pension accounting.

Net income rose more than eight-fold to 107.8 billion yen ($1.1 billion) in the three months ended June from 12.8 billion yen a year earlier, the Osaka-based company said in a statement today. That beat the 14 billion yen median of five analysts’ estimates obtained by Bloomberg.

The maker of Viera televisions is heading to its first annual net income in three years as President Kazuhiro Tsuga promotes restructuring to stop losing money in TVs, semiconductors, mobile-phones and circuit boards. A weaker yen triggered by Japanese Prime Minister Shinzo Abe’s monetary stimulus is boosting Panasonic’s overseas earnings, helping Tsuga speed up reform.

“Payroll cuts gave a profit buffer helping Panasonic weather through sluggish demand,” said Junya Ayada, an analyst at Daiwa Securities Co. Further reform will probably be carried out later this year, he said, “Tsuga’s reform only started.”

Panasonic fell 1.5 percent to 851 yen at the close of Tokyo trading. The stock has gained 63 percent this year while Japan’s benchmark Topix index has added 32 percent.