Panasonic likely to mark over 300 bil. yen in FY 2008 group net loss

OSAKA, Feb. 1 Kyodo -
Panasonic Corp. is expected to report more than 300 billion yen in consolidated
net loss in the business year through March due chiefly to additional outlays
needed to streamline its manufacturing operations and valuation losses on its
stock holdings, sources familiar with the matter said Sunday.
The Osaka-based electronics giant is set to make official its downward revision
of its earnings projection for the year on Wednesday when it announces the
group earnings results for the first three quarters of fiscal 2008 through
December, the sources said.
This will be the first time in six years that the company is posting a yearly
group net loss. The company registered around 430 billion yen in loss in the
year ended March 2002 when it was called Matsushita Electric Industrial Co.
Major Japanese electronics makers have been forced to revise sharply their
earnings estimates for the year ending March 2009 amidst the global economic
slump.
Hitachi said Friday it is anticipating its worst ever group net loss of 700
billion yen. Toshiba Corp. is expecting a loss of 280 billion yen and Sony
Corp. of 150 billion yen.
In the face of slumping prices and declining sales of its mainline digital
electronics products, Panasonic has decided to shut down two factories in
Malaysia and another in the Philippines. The company is mulling further
reorganization of its production bases.
Earlier, the company had expected 310 billion yen in net profit for the March
2009 business year, which would have been a record net profit for the company.
In November, it sharply reduced its earnings projection to 30 billion yen in
profit.
==Kyodo