Arab Today, arab today panasonic projects 96 bn loss amid overhaul
Last Updated : GMT 17:32:27
Arab Today, arab today
Arab Today, arab today

Panasonic projects $9.6 bn loss amid overhaul

Arab Today, arab today

Arab Today, arab today Panasonic projects $9.6 bn loss amid overhaul

Tokyo - AFP

Panasonic said Wednesday it would book a mammoth $9.6 billion net loss this fiscal year as the Japanese consumer electronics giant undergoes a major overhaul of its troubled business. While it said it would achieve an operating profit, restructuring costs and writedowns would mean the whopping 765 billion yen shortfall and Panasonic warned regular dividend payments to shareholders would be temporarily shelved. The projected loss is close to Panasonic\'s record 772.2 billion yen shortfall last fiscal year, one of the worst-ever for a Japanese firm, and a reversal of its earlier vow to return to the black by March next year. Panasonic\'s sales in the six months to September tumbled amid slumping demand for its flat-panel TVs, digital cameras and mobile phones, although there was a uptick in sales of refrigerators and washing machines. \"The global economy continues to contract with much deep remaining uncertainty due to the European financial crisis and slowdown of the Asian economic expansion including China,\" Panasonic said in a statement. \"The electronics industry continued to be difficult with a downturn in digital products, especially flat-panel TVs, and a sales decline in electronic components,\" it added. Despite the global headwinds, Panasonic, like rivals Sony and Sharp which report earnings this week, has suffered in its television business amid falling prices and stiff competition from overseas rivals. It also accumulated debt from the purchase of smaller rival Sanyo.The television business has razor-thin profit margins with Japanese firms unable to keep pace with rivals such as South Korea\'s Samsung Electronics which has blown past Japan Inc. in the lucrative global smartphone market. Samsung posted a record third-quarter profit of nearly $6.0 billion, powered by strong sales of its Galaxy smartphones and display panels. Panasonic, which had earlier said it expected to post a net profit of 50 billion yen in the fiscal year to March 2013, also cut its annual sales forecast on Wednesday by 10 percent to 7.3 trillion yen. Restructuring expenses alone in the current fiscal year would be about 440 billion yen, more than 10 times the firm\'s original forecast, it added. Panasonic\'s first-half net less grew five-fold to 685.2 billion yen. Last month Moody\'s cut its credit rating on Panasonic, citing the struggling firm\'s weak profitability and high debt. The company has announced a major restructuring of its liquid crystal display manufacturing division, and is reportedly considering shifting all of its mobile phone handset production overseas because of high costs at home. Reports have said it would abandon its European smartphone business over the next several months. Meanwhile, Japan\'s Toshiba and Fujitsu also slashed their full-year profit forecasts on Wednesday. TV and laptop computer maker Toshiba cut its net profit outlook to 110 billion yen from 135 billion yen for the year to March. IT and electronics giant Fujitsu said it lost 11.0 billion yen in the first half of the fiscal year and scaled back its sales and profit expectations. Japan\'s electronics sector has been badly hit by the rise of the yen, which makes exporters\' products less competitive overseas, while falling prices and slow demand at home have also eaten into profits. The yen hit a record high around 75 on the dollar late last year and remains strong. Competitors including Samsung and US-based Apple are offering ever-increasing competition, with high-resolution display technology a key battleground as demand intensifies for smartphones, tablet computers and other gadgets. Japanese manufacturers were also hit hard by last year\'s quake-tsunami disasters, which paralysed operations and dampened consumer sentiment.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today panasonic projects 96 bn loss amid overhaul Arab Today, arab today panasonic projects 96 bn loss amid overhaul

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today panasonic projects 96 bn loss amid overhaul Arab Today, arab today panasonic projects 96 bn loss amid overhaul

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today IS caliphate's end 'in sight' after Raqa fall

GMT 14:48 2017 Sunday ,22 October

IS caliphate's end 'in sight' after Raqa fall
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday