Panasonic Forecasts Biggest Loss in Decade on Strong Yen, TV
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Panasonic Forecasts Biggest Loss in Decade on Strong Yen, TV
Swinderman Mon Oct 31, 2011 3:58 am
-- Panasonic Corp., the maker of Viera televisions, forecast its biggest annual loss in 10 years, citing the impact of a stronger yen and one-time charges.
Full-year loss may be 420 billion yen ($5.3 billion), the Osaka-based electronics maker said in a statement today, reversing an earlier projectiondiscount nfl jerseys for profit of 30 billion yen in the 12 months ending March 31. For the three months ended Sept. 30, Panasonic reported a net loss of 106 billion yen, compared with the 5.6 billion yen average of four analysts’ estimates compiled by Bloomberg.
Panasonic cut its annual TV sales target to 19 million from 25 million amid increasing competition with Samsung Electronics Co. and LG Electronics Inc. The yen reaching a post-war high against the dollar and a decade high against the euro is putting pressure on the company, which plans to eliminate 17,000 jobs and focus on products such as solar panels and rechargeable batteries.
Panasonic declined 2.1 percent to 809 yen at the close of trading today in Tokyo, before earnings were announced. The shares have declined 30 percent this year, compared with a 2 percent advance for Samsung and a 43 percent drop for Sony Corp.
Chip, TV Charges
Japan’s currency today dropped from a post-World War II record against the dollar after the country intervened in the currency markets. The yen sank 4.2 percent to 79.01 per dollar at 4:03 p.m. in Tokyo after climbing to 75.35 earlier. A stronger yen hurts the repatriated value of sales overseas.
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Panasonic took an additional charge of 404 billion yen for streamlining its chip and TV operations, according to the statement. The company also will shift its procurement base to Singapore from Osaka, it said.
The maker of Viera TV was affected by floods in Thailand just months after restarting domestic plants crippled by Japan’s magnitude-9 temblor on March 11.
Panasonic, which spent more than $6 billion purchasing stakes in Sanyo Electric Co. and Panasonic Electric Works Co. last year, is aiming to expand in energy-related businesses such as solar panels for its next earnings driver after its main TV operation recorded three consecutive annual losses.
Panasonic will speed up its plan to reduce jobs to a maximum of 35,000, the company said in a statement today.
Income at the main audio-visual unit likely will total 36 billion yen this fiscal year, while profit at the home-appliance unit may be 104 billion yen, the company said without providing year-earlier numbers.
The Sanyo Electric unit may record a loss of 69 billion yen, it said.
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Panasonic is eliminating overlapping operations in white goods and car navigation systems, consolidating marketing and research units and cutting its number of plants by as much as 20 percent from about 350, President Fumio Ohtsubo said in April.
Full-year loss may be 420 billion yen ($5.3 billion), the Osaka-based electronics maker said in a statement today, reversing an earlier projectiondiscount nfl jerseys for profit of 30 billion yen in the 12 months ending March 31. For the three months ended Sept. 30, Panasonic reported a net loss of 106 billion yen, compared with the 5.6 billion yen average of four analysts’ estimates compiled by Bloomberg.
Panasonic cut its annual TV sales target to 19 million from 25 million amid increasing competition with Samsung Electronics Co. and LG Electronics Inc. The yen reaching a post-war high against the dollar and a decade high against the euro is putting pressure on the company, which plans to eliminate 17,000 jobs and focus on products such as solar panels and rechargeable batteries.
Panasonic declined 2.1 percent to 809 yen at the close of trading today in Tokyo, before earnings were announced. The shares have declined 30 percent this year, compared with a 2 percent advance for Samsung and a 43 percent drop for Sony Corp.
Chip, TV Charges
Japan’s currency today dropped from a post-World War II record against the dollar after the country intervened in the currency markets. The yen sank 4.2 percent to 79.01 per dollar at 4:03 p.m. in Tokyo after climbing to 75.35 earlier. A stronger yen hurts the repatriated value of sales overseas.
cheap nfl jerseys free shipping
Panasonic took an additional charge of 404 billion yen for streamlining its chip and TV operations, according to the statement. The company also will shift its procurement base to Singapore from Osaka, it said.
The maker of Viera TV was affected by floods in Thailand just months after restarting domestic plants crippled by Japan’s magnitude-9 temblor on March 11.
Panasonic, which spent more than $6 billion purchasing stakes in Sanyo Electric Co. and Panasonic Electric Works Co. last year, is aiming to expand in energy-related businesses such as solar panels for its next earnings driver after its main TV operation recorded three consecutive annual losses.
Panasonic will speed up its plan to reduce jobs to a maximum of 35,000, the company said in a statement today.
Income at the main audio-visual unit likely will total 36 billion yen this fiscal year, while profit at the home-appliance unit may be 104 billion yen, the company said without providing year-earlier numbers.
The Sanyo Electric unit may record a loss of 69 billion yen, it said.
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Panasonic is eliminating overlapping operations in white goods and car navigation systems, consolidating marketing and research units and cutting its number of plants by as much as 20 percent from about 350, President Fumio Ohtsubo said in April.
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