Panasonic incurs first annual loss in six years
May 15th, 2009 - 5:09 pm ICT by IANSTokyo, May 15 (DPA) Panasonic Corp suffered its first annual loss in six years because of shrinking demand and harsh price competition amid the global economic downturn, the company said Friday.
Panasonic joined other Japanese electronics’ companies in reporting a net loss for the year that ended March 31. It was in the red by 379 billion yen ($3.97 billion), which was a turnaround from a record profit of 281.88 billion yen the year before.
As sales declined 14 percent from the previous year to 7.77 trillion yen, operating profit plunged 86 percent to 72.9 billion yen, the firm said.
The major plasma-display maker suffered a sales drop in its television department as global economic turmoil caused demand for the devices to wane.
Sales of video and audio equipment decreased 6 percent from the previous year, due mainly to sluggish sales for such products as plasma TVs, digital cameras and car-electronics sales.
But by cutting 15,000 jobs in its global workforce and shutting about 40 plants by March, Panasonic said it was trying to reduce costs by 135 billion yen during the current fiscal year.
For the current fiscal year, the company expected to narrow its net loss to 195 billion yen and increase operating profit by 3 percent to 75 billion yen. Sales were expected to drop further, however, by 10 percent to 7 trillion yen.
- Japan's Panasonic projects wider loss for current fiscal - Feb 03, 2012
- Panasonic returns to profit in first quarter - Jul 29, 2010
- LG Electronics' earnings turns into red in Q3 - Oct 26, 2011
- Sony announces $3.1 billion annual loss - May 27, 2011
- Sony incurs first net loss in 14 years - May 14, 2009
- Sony forecasts wider loss for fiscal 2011 - Feb 02, 2012
- Suzuki profits up for full year - May 10, 2010
- Honda Japan's nine-month net profit plummets 71 percent - Jan 31, 2012
- Toyota predicts return to black this year despite recalls - Feb 04, 2010
- Samsung Electronics' operating profit grows 13 percent in Q3 - Oct 28, 2011
- LG Electronics posts $394 mn operating profit - Apr 25, 2012
- Samsung Electronics posts $5 bn operating profit - Apr 27, 2012
- Sony's net profit down 94.8 percent in October-December period - Jan 29, 2009
- Tata Steel posts Rs.6 billion Q3 net loss - Feb 09, 2012
- Air China Q3 profits fall - Oct 28, 2011
Tags: car electronics, current fiscal year, digital cameras, dpa, economic downturn, electronics companies, electronics sales, global economic turmoil, global workforce, japanese electronics, operating profit, plasma display, plasma tvs, previous year, price competition, record profit, sluggish sales, television department, trillion, yen