If you thought Sony had it bad last financial year then prepare to be astonished by Panasonic’s results. Namely, a loss of ¥379 billion (£2.6 billion).
That’s a massive amount by anyone’s standards and especially grim-looking compared to last year’s ¥282 billion profit. The drop is explained, however, by sales which fell year on year by 14 per cent, from ¥9.068 trillion (yes, trillion) to ¥7.765 trillion in addition to the appreciation of the yen (harming out-of-Japan profitability) and restructuring expenses.
The latter hit should at least return dividends in the next financial year, helping bring down Panasonic’s running costs. However Panasonics outlook isn’t exactly sunshine and lollipops and the company is warning that another loss is likely.
At least the company is making some decent plasma TVs, though, right?