TOKYO - Japanese high-technology giant Panasonic Corp., announced Monday, the first quarter of losses, triggered by lower sales of television, digital cameras and other electronic goods during the recession.
Panasonic record net loss 52.98 billion yen (560 million U.S. dollars) for the April-June quarter, swinging from the profit of 73.03 billion yen the previous year. Income had fallen 25.9 percent to 1.60 trillion yen.
Companies operating loss in a 20.18 billion yen, operating profit as against 109.57 billion yen the same period in 2008, "mainly due to the influence of sharp decline in sales and a decline in prices," said a company based in Osaka in a statement.
Panasonic, which buy companies that are having difficulties saingannnya Sanyo, does not alter the projected 195 billion yen loss in the full business year to March 2010, warned that price competition tends to increase further.
The Company estimates sales fell 10 percent to 7.0 trillion yen and operating profit increased 2.9 percent to 75 billion yen, unchanged from the previous projection.
The group, which changed its name from Matsushita Electric Industrial Company, in October, and will cut 15,000 jobs and close dozens of the manufacturer because the attempt to return from the first annual loss in six years.
Panasonic is not the only Japanese electronics giant is in trouble. Last week Sony Corp. recorded net loss 37.1 billion yen for April-June quarter, while Sharp Corp. fell 25.2 billion yen to red in the same period.
Panasonic record net loss 52.98 billion yen (560 million U.S. dollars) for the April-June quarter, swinging from the profit of 73.03 billion yen the previous year. Income had fallen 25.9 percent to 1.60 trillion yen.
Companies operating loss in a 20.18 billion yen, operating profit as against 109.57 billion yen the same period in 2008, "mainly due to the influence of sharp decline in sales and a decline in prices," said a company based in Osaka in a statement.
Panasonic, which buy companies that are having difficulties saingannnya Sanyo, does not alter the projected 195 billion yen loss in the full business year to March 2010, warned that price competition tends to increase further.
The Company estimates sales fell 10 percent to 7.0 trillion yen and operating profit increased 2.9 percent to 75 billion yen, unchanged from the previous projection.
The group, which changed its name from Matsushita Electric Industrial Company, in October, and will cut 15,000 jobs and close dozens of the manufacturer because the attempt to return from the first annual loss in six years.Panasonic is not the only Japanese electronics giant is in trouble. Last week Sony Corp. recorded net loss 37.1 billion yen for April-June quarter, while Sharp Corp. fell 25.2 billion yen to red in the same period.
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