Japan's Panasonic Projects Wider Loss for Current Fiscal

Tokyo: Japan's Panasonic said in its financial results that it expected to see its worst-ever net loss of 780 billion yen (about 10.23 billion dollar) for the current fiscal year (from April 2011 to March 2012), a deterioration from the 420 billion yen forecast earlier.

The leading electronic and electric products manufacturer recorded a net loss of 333.82 billion yen for the nine months to December, compared with a 114.70 billion yen profit in the corresponding period a year earlier, reported Xinhua.

The company, meanwhile, revised its annual sales forecast from 8.3 trillion yen downward to 8 trillion, because of the significant sales declines in mainly digital products.

The manufacturer also blamed the global economic slowdown and the instability in the financial markets due to the European debt crisis, and the massive flooding in Thailand last year.