Panasonic plunges into the red; posts 53 bn yen Q1 loss
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Last Updated: Monday, August 03, 2009, 22:16
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 billion yen.

Bureau Report

First Published: Monday, August 03, 2009, 22:16

Tag: PanasonicQ1
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