Panasonic slumps to $4 billion annual loss
Panasonic Corp. reported a huge $4 billion (378.96 billion yen) loss on Friday for the financial year ended March. This was the first annual financial loss in the past seven years for the company.
The Japanese electronics giant, Panasonic sank deep into the red last year after being marred by a stronger yen and sharp slump in the consumer demands across the globe.
The Osaka-based electronics company also said that the company expects to stay in the red in the present financial year too.
The demand for its flat-screen TVs, digital cameras, home appliances and semiconductors dropped considerably and the subsequent sales came down by 14.4 per cent to 7.77 trillion yen. The company’s operating profit too dropped by 86% to 72.9 billion yen.
The company, last financial year enjoyed a huge record profit of 281.9 billion yen.
The major rival, Japanese Sony Corp too on Thursday posted its first annual loss of $1 billion yen in 14 years.
Panasonic is also awaiting legal clearance for its $9 billion takeover of smaller Japanese rival Sanyo Electric Co.
