Panasonic projects record loss

Japanese electronics giant Panasonic is set to report a record net loss for the fiscal year

Published: 12:07pm, 3rd February 2012
Updated: 2:53pm, 6th February 2012

Japanese electronics company Panasonic has forecast a record net loss of 780 billion yen (£6.3 billion) for the fiscal year through March amid falling sales of digital products and production disruptions following flooding in Thailand.

That is nearly twice the annual net loss of 420 billion yen (£3.4 billion) it had projected in October.

It is also more than its past record net loss of 427.7 billion yen logged for the fiscal year through March 2002, when the company was still Matsushita Electric Industrial Co.

For the October-December quarter, Panasonic reported a net loss of 197.6 billion yen (£1.6 billion).