Panasonic Posts Record Annual Net Loss

Panasonic Corp. said Friday its net loss in the fiscal fourth quarter grew more than tenfold from a year earlier, as ongoing struggles at its television operations and a tax-related charge pushed the Japanese electronics conglomerate to its biggest annual loss in its 77-year history.

Panasonic recorded a net loss of ¥438.4 billion ($5.49 billion) in the three months ended March 31 compared with a loss of ¥40.7 billion in the same period a year earlier. Sales fell 8 percent to ¥1.880 trillion in the quarter, hurt by soft demand for flat-panel televisions and mobile phones.

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