Japan’s Panasonic Corp expects a net loss of US$3.9 billion for this financial year ending next month owing to weak sales and restructuring costs amid the economic crisis, news reports said yesterday.
Panasonic will announce its new guidance of an annual loss of ¥350 billion (US$3.9 billion) when it releases its third-quarter earnings tomorrow, the Asahi Shimbun said without citing any sources.
Operating profit is now seen dropping below ¥100 billion, against an earlier projection of ¥340 billion, it said.
It would be Panasonic’s first annual loss in seven years.
Panasonic plans to streamline its manufacturing operations and book losses from the falling value of shareholdings and foreign exchange movements, the Mainichi Shimbun said.
The company declined to confirm or deny the reports, saying it would announce any forecast revisions tomorrow.
Last week, the Nikkei Shimbun said Panasonic would close three plants in Asia and axe hundreds of jobs.
Many major Japanese exporters are bracing for big losses this year as consumers cut spending in response to the recession and financial market turmoil.
Hitachi Ltd said on Friday it expected a loss of ¥700 billion in the current year ending next month, while Sony Corp has forecast a record operating loss of ¥260 billion.
The world’s biggest automaker, Toyota Motor Corp, is reportedly considering revising its projected operating loss for this year to ¥400 billion, from an earlier projection of a ¥150 billion loss.
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