Panasonic losses spiral to £3.4bn

 

Panasonic's January-March losses ballooned 10-fold to 438 billion yen
(£3.4 billion), completing a year of record red ink at the Japanese
electronics maker battered by natural disasters and an ailing TV
business.

The firm racked up a 40.7 billion yen loss for the same period the previous year.

The Osaka-based maker of Viera TVs and Lumix digital cameras reported today a record loss of 772.2 billion yen (£6 billion), a reversal from the 74 billion yen (£580 million) profit a year ago and among the biggest in Japan's manufacturing history.

That comes a day after Panasonic's arch-rival Sony racked up a record annual loss of 457 billion yen (£3.55 billion) in its fourth straight year of red ink.

Sony, which makes the Walkman portable audio player and PlayStation game machine, had a 255 billion yen (£1.98 billion) loss over January-March - its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.

Both companies' TV operations, centring around flat-panel sets, have been battered by a powerful Samsung Electronics Co of South Korea and other Asian players.

A strong yen has also eroded the value of overseas earnings for the Japanese.

Like Sony, which is hoping for a turnaround under a new president, Kazuo Hirai, Panasonic has tapped Kazuhiro Tsuga as president. The appointments still need shareholder approval.

Panasonic is forecasting a return to profit for the fiscal year ending March 2013, at 50 billion yen (£390 million) profit on 8.1 trillion yen (£60 billion) sales, up 3 per cent.

Panasonic does not have the entertainment or gaming businesses of Sony. But it is struggling as it attempts to strengthen solar panel and battery operations, including auto batteries, to find new areas of growth.

Panasonic's sales fell in every major region, including the US, Europe, Japan, China and the rest of Asia.

AP

Life and Style
ebookNow available in paperback
ebooks
ebookA delicious collection of 50 meaty main courses
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Recruitment Genius: IT Support Engineer - 2nd & 3rd Line

    £25000 per annum: Recruitment Genius: The IT Support Engineer is needed to ass...

    Recruitment Genius: Junior / Mid Software Developer

    £22000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

    Recruitment Genius: IT Service Desk Manager

    £35000 - £40000 per annum: Recruitment Genius: A great opportunity to join a p...

    Recruitment Genius: Graphic and Motion Designer

    Negotiable: Recruitment Genius: Do you get a buzz from thinking up new ideas a...

    Day In a Page

    The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

    They fled war in Syria...

    ...only to get stuck and sidetracked in Hungary
    From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

    Title sequences: From The Prisoner to Mad Men

    Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
    Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

    Giorgio Armani Beauty's foundations

    Sumptuous fabrics meet luscious cosmetics for this elegant look
    From stowaways to Operation Stack: Life in a transcontinental lorry cab

    Life from the inside of a trucker's cab

    From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
    Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

    Kelis interview

    The singer and sauce-maker on cooking for Pharrell
    Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

    Cameron lowered the flag for the dead king of Saudi Arabia...

    But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
    Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

    Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

    Humanity must be at the heart of politics, says Jeremy Corbyn
    Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

    Joe Biden's 'tease tour'

    Could the US Vice-President be testing the water for a presidential run?
    Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

    Britain's 24-hour culture

    With the 'leisured society' a distant dream we're working longer and less regular hours than ever
    Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

    The addictive nature of Diplomacy

    Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
    Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

    Fashion: Ooh, Lady Chatterley!

    Take inspiration from DH Lawrence's racy tome with equally racy underwear
    8 best children's clocks

    Tick-tock: 8 best children's clocks

    Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
    Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

    Charlie Austin: ‘If the move is not right, I’m not going’

    After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
    Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

    How Isis profits from destruction of antiquities

    Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
    Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

    'If we lose touch we’ll end up with two decades of the Tories'

    In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea