Panasonic plunges into the red; posts 53 bn yen Q1 loss
Japanese electronic major Panasonic today reported a loss of 52.97 billion yen for the first quarter ended June 30 primarily due to sluggish demand.
Tokyo/New Delhi: Japanese electronic major
Panasonic today reported a loss of 52.97 billion yen for the
first quarter ended June 30 primarily due to sluggish demand.
The company had a profit of 73.03 billion yen in the
same period a year ago, Panasonic said in a statement.
The sales stood at 1,595.50 billion yen in the first
quarter against 2,152 billion yen in the year-ago period.
"In the electronics industry during the first quarter
under review, despite visible sign of market stabilisation,
severe business conditions continued as the global recession
and shrinking demand coincide with changes in the market
structure including a demand shift to emerging markets and
lower-priced products," the statement said.
Sales of video and audio equipment plunged 23 per cent in
the latest quarter, bogged down by lower sales of flat-panel
TVs and digital cameras.
In information and communications equipment segment, weak
sales of notebook PCs and automotive electronics led to an
overall decline of 27 per cent.
During the quarter, components and devices segment sales
were down 32 per cent to 182.3 billion yen, compared with
269.3 billion yen in the previous year.
The company`s overall domestic sales dropped 18 per cent
to 858.8 billion yen, whereas overseas sales decreased 33 per
cent to 736.7 billion yen.
"The global economy seems to stabilise, recovering from
the worst of recession primarily due to economic stimulus
measures in each country.
"Panasonic, however, expects that the outlook for global
economy will continuously be uncertain for this second quarter
onward," the firm said.
For 2010 financial year, Panasonic expects a loss of 195