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Tuesday, 15th May 2012
In Business In Japan,

Panasonic announces record $9.67 bn loss

Panasonic announced record-breaking annual losses last week, with a tough year causing the Japanese technology giant to lose $9.67 billion (£6.03 billion).

The company's performance was devastated by the strong yen and the March 11th earthquake and tsunami, while competition from rivals overseas also impacted sales.

However, while Panasonic lost 772.7 billion yen during the last financial year, it was less than the 780 billion yen initially forecast by the Osaka firm, AFP reported.

Sales decreased by eight per cent in Japan, while overseas they fell by 12 per cent.

Regardless of the performance, the company is confident that it will begin to recover in the current fiscal year, with the global economy set to return to growth.

"Under such business conditions, Panasonic regards fiscal 2013 as the first year in which it will achieve positive results following large-scale structural reforms and reorganisation," the company said in a statement.

Meanwhile, Japanese camera manufacturer Canon has announced it plans to fully automate its production line so robots will carry out the entire assembly process.

Written by Mark Smith



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