Panasonic Corp logged a net loss of 754.3 billion
yen (6.86 billion dollars) for the financial year that ended in March
because of poor sales, the company said Friday.
The Japanese consumer electronics maker logged a record annual net loss of 772 billion yen for the previous financial year to the end of March 2012.
The company booked an operating profit of 160.9 billion yen for the year that just ended, compared with 43.7 billion yen the year before, while sales were down 6.9 per cent to 7.3 trillion yen.
Despite the yen's fall against major currencies in recent months, which improves Japanese companies' repatriated revenues, "the electronics industry continued to be in a severe business situation including sluggish demand in flat-panel TVs mainly in Japan," Panasonic said in a statement.
In the January-to-March quarter, Panasonic logged a net loss of 130.4 billion yen, compared with a net loss of 438.4 billion yen in the same period last year.
The company also reported its operating profit rose to 39 billion yen in the first quarter of 2013 from 4.2 billion yen a year ago, while sales edged down 0.9 per cent to 1.86 trillion yen.
Panasonic estimated a net profit of 50 billion yen for the current financial year through March 2014, the first black in three years, while projecting an operating profit of 250 billion yen and sales of 7.2 trillion yen.
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