Newspaper: Panasonic to Post US$9 Billion Loss

posted on 2012-02-02 21:14 EST

The Mainichi Shinbun paper reported on Friday that Panasonic will report later in the day that it will lose over 700 billion yen (about US$9.2 billion) in the fiscal year ending in March. The paper cited losses related to acquiring Sanyo Electric and an overall slowdown in electronics demand worldwide. Panasonic stated that the report was not based on any announcement it had made.

The company had previously predicted a loss of 420 billion yen (US$5.4 billion), after posting a net profit of 74 billion yen (US$971 million) during the last fiscal year. The loss would follow similar loss reports from Sony Corporation and Sharp Corporation this week.

Source: Reuters

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