HispanicBusiness

Panasonic Corp said Wednesday that it expected to post a 765-billion-yen (9.61-billion-dollar) net loss for the current financial year through March amid a slowdown in China and Europe.

The company had predicted a net profit of 50 billion yen for the year three months ago.

Panasonic trimmed its forecast for operating profit in the year by 46 per cent to 140 billion yen from 260 billion yen it had estimated in July. Sales are now projected at 7.3 trillion yen, down 7 per cent from 8.1 trillion yen predicted three months ago.

Panasonic also booked a net loss of 698 billion yen in the July-September quarter, compared with a net loss of 105.8 billion yen in the same period last year.

The company also logged an operating profit of 48.8 billion yen for the July-September period, up 16 per cent from 42 billion yen a year ago, while sales were down 12.1 per cent to 1.82 trillion yen from 2.08 trillion yen.