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Panasonic slumps to $4b annual loss

(Agencies)
Updated: 2009-05-15 20:27

TOKYO -- Panasonic Corp. swung deep into the red last fiscal year, joining the expanding club of big Japanese brands shellshocked by their rapid descent from cash cow to money loser.

A man is reflected on a sign at Panasonic Corp's showroom in Tokyo May 15, 2009. [Agencies]

The world's biggest plasma TV maker Friday reported a 378.96 billion yen ($4 billion) loss for the fiscal year ended March, its first loss in seven years, and expects to stay in the red in the current year.

Related readings:  Panasonic to cut 15,000 jobs, forecast losses  Panasonic to cut TV factory investment  Panasonic to buy rival Sanyo in $9B deal  Sony sees first annual loss in 14 years  Sony reshuffle unlikely to turn tide

Business slumped across all segments amid lackluster demand for everything from flat-screen TVs and digital cameras to home appliances and semiconductors. Sales were down 14.4 percent to 7.77 trillion yen, and operating profit tumbled 86 percent to 72.9 billion yen.

For the January-March quarter, Panasonic booked a record net loss of 444.3 billion yen compared with a profit of 61.6 billion yen a year earlier.

The results represent a swift reversal of fortune for Panasonic, which just last year posted a record net profit of 281.9 billion yen.

But it is only the latest among a score of bellwether brands in Japan releasing grim results as the world's second-biggest economy gets battered by the unprecedented slump in global demand.

On Thursday, rival Sony Corp. said it lost $1 billion yen last fiscal year. Toyota Motor Corp., meanwhile, swung from a record profit to its worst annual loss since being founded in 1937.

Panasonic vowed to press ahead with "drastic business structural reforms" to try to engineer a recovery.

For the 12 months through March 2010, it forecasts a steeper-than-expected net loss of 195 billion yen on sales of 7 trillion yen. It predicts, however, that operating profit will climb 3 percent to 75 billion yen.

President Fumio Ohtsubo has said he wants to shutter unprofitable business lines, shift resources to those with growth potential and improve product quality. The firm is closing factories and aims to cut about 5 percent of its 300,000-strong global work force by next spring.

"Panasonic expects that the economic environment in fiscal 2010 will be more severe than the past fiscal year, as the global recession and shrinking demand triggered by the financial crisis coincide with changes in market structure, including the expansion of emerging markets and a shift to lower-priced products," it said in a statement.

The electronics maker is also awaiting legal clearance for its $9 billion takeover of smaller Japanese rival Sanyo Electric Co. The deal would create one of the world's biggest electronics companies and enable Panasonic to add Sanyo's strengths in "green" energy technology.

Along with the foreign exchange and economic factors, the company blamed its net loss on high restructuring costs. It booked 367.4 billion yen in restructuring expenses and 92 billion yen in equity write-downs.

The company last year changed its official name from Matsushita Electric Industrial Co., shedding the name of its charismatic founder in favor of its more internationally known brand.

Panasonic reports earnings based on US accounting standards.

In trading Friday, shares of Panasonic jumped 4.8 percent to 1,455 yen on the Tokyo Stock Exchange, outpacing the benchmark Nikkei 225 index's 1.9 percent rise. The results were released after trading closed.