Panasonic sees $3 billion operating profit in 2011/12: report

Reuters News
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Posted: Jun 19, 2011 7:39 PM
Panasonic sees $3 billion operating profit in 2011/12: report

TOKYO, Jun (Reuters) - Japan's Panasonic Corp is likely to forecast a group operating profit of 260 billion yen to 280 billion yen ($3.24 billion to $3.5 billion) in the current business year to March 2012, down about 10 percent from the year before, due to a fall in sales following a massive earthquake in March, the Nikkei business daily said on Monday.

The Osaka-based company previously projected a 2 percent increase in profit to 310 billion yen in annual earnings guidance in late April, but that figure did not factor in the impact of the March 11 disaster.

The major electronics maker, which had an operating profit of 305 billion yen last year, is scheduled to report its latest forecast at 0630 GMT.

(Reporting by Mariko Katsumura; Editing by Joseph Radford)