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Reports: Panasonic To Announce $9.2B Loss
Updated: Thursday, 02 Feb 2012, 7:36 PM CST
Published : Thursday, 02 Feb 2012, 7:36 PM CST
(NewsCore) - Electronics giant Panasonic is bracing for a record net loss of more than ¥700 billion yen ($9.2 billion) for the year to March due to the strong yen, Thai floods and acquisition costs, reports said Friday.
The company is expected to announce the gloomy forecast later in the day when it releases results for the nine months to December and full-year outlooks, Jiji Press and Kyodo news agencies said.
The new forecast is the worst-ever loss for Panasonic and far exceeds its earlier projection of a ¥420 billion hit.
The Mainichi Shimbun said that while Panasonic expects to post an operating profit, the huge net loss is due to one-off costs it incurred to acquire rival Sanyo, damage from the Thai flooding and the yen's rise.
No immediate comment on the reports was available from Panasonic.
Copyright 2012 AFP. All rights reserved.
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