Arab Today, arab today panasonic reports loss on quake tsunami
Last Updated : GMT 11:50:29
Arab Today, arab today
Arab Today, arab today

Panasonic reports loss on quake, tsunami

Arab Today, arab today

Arab Today, arab today Panasonic reports loss on quake, tsunami

Tokyo - Arabstoday

Panasonic slumped to a 30.4 billion yen (Dh1.4 billion) quarterly loss, hit by lower sales after the earthquake in northeastern Japan, and announced the sale of part of its refrigerator and washing machine business to Chinese rival Haier. Panasonic Corp, which makes Viera TVs and Lumix cameras, said Thursday the deal for Haier Group to buy the Sanyo brand home appliances businesses in Japan and Southeast Asia is set to be completed by March 2012. It did not give a value for the deal. It would be the first large-scale acquisition of a major Japanese home appliance business by a Chinese company, and highlights a key shift in the industry — with the spotlight on a rising China. Panasonic is in the middle of streamlining its businesses and cutting jobs this year after acquiring Sanyo Electronics Co. Some Panasonic and Sanyo products, including refrigerators and washing machines, overlap. Panasonic has said it hopes to focus on relatively new areas such as solar panels and expensive gadgets. More changes are in the works to avoid overlap with Sanyo, said Makoto Uenoyama, a company executive. Panasonic maintained its forecast for a 30 billion yen ($385 million) profit for the fiscal year ending March 2012, which would be about half the profit for the previous year. It had chalked up a 43.7 billion yen profit for the April-June period the previous year. Like other Japanese manufacturers, Panasonic suffered a huge setback from the March 11 earthquake and tsunami that devastated the northeastern coast and killed more than 22,000 people. Consumer spending has dropped amid national mourning over the disaster. The tsunami also sent a nuclear power plant into meltdown, spewing radiation into the air and water and contaminating beef, vegetables and other products, further crimping spending. Panasonic\'s quarterly sales dropped 11 per cent to 1.93 trillion yen, mainly because of the earthquake, the Osaka-based manufacturer said. Sales were down in flat-panel TVs, auto electronics, cell phones and devices, it said. Sales were down not only in Japan but also in Europe and the US. Air conditioner sales in Japan were one exception because of worries about a power crunch caused by the nuclear crisis. Consumers have been snatching up energy efficient appliances. A strong yen also hurt Panasonic, erasing 19 billion yen ($244 million) from its operating profit for the latest quarter. Haier Vice President Du Jingguo welcomed the Sanyo deal, calling it an \"important milestone for both companies\". Haier has been trying to expand its business in Japan but struggled to woo finicky Japanese consumers and remains a small player, unlike in the rest of the world. Under the deal, Haier will acquire a range of Sanyo businesses, including washing machines, refrigerators, air-conditioners, microwaves, vacuum cleaners, rice-cookers, coffee-makers, juicers, toasters and irons in Japan, Indonesia, Malaysia, the Philippines and Vietnam, it said in a statement. \"Haier aims to be a leader in the global white goods business,\" said Du. From/ Gulf News

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 reports loss on quake tsunami Arab Today, arab today panasonic reports loss on quake tsunami

 



Arab Today, arab today

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 reports loss on quake tsunami Arab Today, arab today panasonic reports loss on quake tsunami

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
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