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Panasonic reports net loss of 53 bln yen in 2Q

Panasonic Corp. said Monday it incurred a group net loss of 52.98 billion yen (558 million U.S. dollars) for the April-June quarter, in stark contrast from a profit of 73.03 billion yen a year ago due to the global economic slump.

Panasonic booked a group operating loss of 20.18 billion yen against a year-earlier profit of 109.57 billion yen on sales of 1.6 trillion yen, down 26 percent.

Of the consolidated group total sales, domestic sales amounted to 858.8 billion yen, down 18 percent from 1,045.2 billion yen a year ago. Overseas sales decreased 33 percent to 736.7 billion yen, from 1,106.8 billion yen in the same period of the previous year.

"Despite visible signs of market stabilization, severe business conditions continued as the global recession and shrinking demand coincide with changes in the market structure including a demand shift to emerging markets and lower-priced products," the company said in a report.

"Although the ever-intensified price competition will continue, the company expects an overall sales increase due mainly to the market recovery of general electronic components and effects of economic stimulus measures," it said.

Regarding consolidated results forecast for six months ending September 30, 2009, the company revised its previous sales forecast of 3,260 billion yen upward to 3,300 billion yen. Operating loss is expected to be 20 billion yen, an improvement of 85 billion yen compared to the previous forecast of 105 billion yen.

It kept intact its earnings outlook for the whole of fiscal 2009 through next March at a net loss of 195 billion yen and an operating profit of 75 billion yen. (1 U.S. dollar is equivalent to 95 yen)

 Source : Xinhua  Editor: Ivy
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