Panasonic reports $4bn loss
Firm says business will shrink by 10 percent
- — 16 May, 2009 00:33
Panasonic revealed a loss of US$4bn for the 2008 financial year.
Analysts had already predicted the Japanese electronic company was likely to experience a loss, but the figure exceeded all estimates.
The announcement comes as electronic giant Sony also revealed a loss of £680m (US$1.03 billion).
Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management, told Reuters: "Compared to Sony and other rivals, Panasonic has good track record of restructuring its way back to profitability. I have more faith in Panasonic's ability to recover than I do for other firms."
Panasonic also revealed it expected business to shrink by 10 percent during the 2009 financial year, resulting in a further £2bn loss in profits.
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