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Business News Sourced Wired

‘Struggling’ Panasonic expecting to suffer loss of nearly $10bn this fiscal

Washington, Nov 1 (ANI): Japanese electronics firm Panasonic has said that it will suffer a loss of nearly 10 billion dollars for the second consecutive year.

The Osaka-based company said it expected to end the financial year to next March with a net loss of 765 billion Yen, a dramatic reversal of its previous forecast for a 50 billion Yen profit.

According to CNN, the firm said it would not pay a dividend this year for the first time since 1950.

Panasonic said it was writing down the value of past investments in solar panels, lithium-ion batteries and mobile phones, areas on which it had bet heavily only to be undone by cheaper or more innovative foreign competitors.

The decision broadens a restructuring that began with the company’s unprofitable television division last year, the report said.

According to the report, Panasonic is also taking a large tax charge, of 412.5 billion dollars, related to its prolonged earnings slump. (ANI)