Panasonic Incurs 378.96 Bln Yen Net Loss in FY2008

 
Panasonic Corp. on Friday announced a group net loss of 378.96 billion yen (3.94 billion U.S. dollars) in fiscal 2008.

It is the first time that the Japanese electronics giant has fallen into the red in six years, said the company, projecting a further loss in fiscal 2009 due to massive restructuring costs to combat sluggish sales, plummeting gadget prices and a stronger yen.

The huge loss came after the company harvested a record-high profit of 281.88 billion yen (2.93 billion dollars) in fiscal 2007.

As the world's largest maker of plasma display televisions, Panasonic said its TV subsidiary recorded a big loss in fiscal 2008 on shrinking demand and falling product prices against the backdrop of the global economic recession.

As part of measures to recoup the losses, Panasonic plans to cut 15,000 jobs worldwide by the end of March and save 135 billion yen (1.41 billion dollars) in costs in fiscal 2009.

Source: CRIEnglish