Panasonic on Friday nearly doubled its projected net loss for the fiscal year to a record 780 billion yen ($10.2 billion) amid weak TV and mobile phone sales and ongoing restructuring costs after acquiring smaller Sanyo Electronics Co.
Panasonic joins Sony and Sharp as the latest major Japanese electronics maker to predict huge losses for the year through March. That reflects the battering these brand name companies have taken from the yen's surge, a weak global economy, last year's tsunami disaster as well as flooding in Thailand, which disrupted supply networks.
For the October-December quarter, Panasonic reported a net loss of 197.6 billion yen ($2.6 billion). A year earlier, it had a net profit of 40 billion yen for the same quarter. (AP)
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