Panasonic predicts annual loss of $9.6 billion

Panasonic predicts annual loss of $9.6 billion
Advertisement
The Japanese electronics giant, which had earlier said it expected to post a net profit of 50 billion yen in the fiscal year to March 2013, also revised down its annual sales forecast to 7.3 trillion yen from 8.1 trillion yen as it undergoes a massive restructuring to save its balance sheet.

The Osaka-based firm also said it lost 685 billion yen alone in the first six months to September as sales slumped on the back of the global slowdown while it also takes on huge restructuring costs.

Panasonic, like its rival Sony, has long suffered in its television business, while its debt was also fanned by the purchase of smaller rival Sanyo.

For the previous fiscal year, Panasonic suffered a record 772.2 billion yen net loss, one of the worst-ever losses for a non-financial Japanese firm.

Japan's electronics sector has been badly hit by the appreciation of the yen, which makes exporters' products less competitive overseas, while falling prices and slow demand at home have also eaten into profits.

Competitors including South Korea's Samsung and US-based Apple are offering stiff competition, with high resolution display technology a key battleground as demand intensifies for smartphones, tablet computers and other gadgets.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Sanyo, Panasonic, Panasonic TVs, Sony
Hurricane Sandy takes out 25 percent of cell towers in US
Happy Halloween! Angry Birds special, Star Wars gameplay footage released
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »