 Panasonic is the world's largest maker of plasma TVs |
Panasonic has announced a big loss for the year to the end of March as the downturn hits demand for its products such as TVs and digital cameras.
The Japanese electronics giant lost 379bn yen ($4bn; £2.6bn) during the period, and expects to stay in the red in the current financial year.
Falling sales, the strong yen and high restructuring costs were to blame for the poor results, the company said.
On Thursday, rival Sony reported a loss of $1bn for the financial year.
It was the group's first annual loss in 14 years.
Panasonic said it expected to make a loss of $2bn for the year to the end of March 2010.
Earlier this year, the group announced 15,000 job cuts and 27 plant closures worldwide.
www.worldglobalnews.blogspot.com
Post a Comment