Panasonic Posts Record Annual Net Loss

Published on May 11, 2012
by Daisuke Wakabayashi

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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