Panasonic to post $3.9 billion net loss in FY 2011/12: Nikkei

Reuters News
Posted: Oct 29, 2011 11:33 PM
Panasonic to post $3.9 billion net loss in FY 2011/12: Nikkei

TOKYO (Reuters) - Japanese electronics maker Panasonic Corp is set to post a group net loss of 300 billion yen ($3.95 billion) in the year to March 2012, hurt by a global slowdown and the yen's strength, the Nikkei business daily reported on Sunday.

The loss would fall far short of the company's current forecast of a profit of 30 billion yen and the previous year's profit of 74 billion yen, the Nikkei said. Ballooning costs from restructuring its television and semiconductor operations are also weighing on the company.

Panasonic reports its July-September earnings on Monday. The consensus analysts' forecast is for an operating profit of 50 billion yen for the quarter and a full-year profit of 225 billion yen, the latter falling short of the company's predicted 270 billion yen.

The Nikkei said full-year operating profit will likely come in below 200 billion yen, citing as other negative factors a sales slump for audio and video equipment in Europe and the United States and suspension of several factory operations in Thailand due to floods.

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Panasonic President Fumio Ohtsubo is set to give a briefing on the company's growth strategy at 0800 GMT Monday, at which he is expected to announce details of a broad restructuring aimed at cutting costs and stripping out overlapping businesses following the buyout of subsidiary Sanyo.

(Reporting by Rie Ishiguro; Editing by Paul Tait)