EETimes: Panasonic is expected to post a consolidated net loss after tax of about 350 billion yen (€ 3 billion) for this fiscal year ending March, 2009, several Japanese dailies reported yesterday. This will mark the Japanese consumer electronics giant’s first annual loss in seven years.
Panasonic, scheduled to disclose its third-quarter results on February 4, declined to confirm these reports. The news came on the heels of a series of red ink warnings from Japan’s leading electronics companies. They include Hitachi, Toshiba and Sony.
Many Japanese electronics companies are faced with a triple whammy of adverse economic factors, including the global recession, a strong yen that decreases earnings generated abroad, and growing inventories.
Panasonic’s net loss forecast for the current fiscal year, however, did come as a shock to many in the Japanese industry, since Panasonic’s business operations had been viewed as healthier than its competitors and possibly capable of dodging the economic downturn.