Japan’s Panasonic Corp forecast a record net annual loss of $10.2 billion joining their competitor Sony Corp. Panasonic has a waning TV businesses and the company just seem to have lost their way.
Panasonic, posting quarterly results, said it was headed for a loss of ¥780-billion ($10.2-billion U.S.) for the year to March, the expectations was for a loss of around $6.2 billion. The loss was almost entirely due to restructuring charges and writedowns, including to its Sanyo Electric unit.
Meanwhile at Sony they are swimming in red ink, reporting a ¥159 billion ($2.09 billion) net loss for the October-December quarter.
For the fiscal year a much wider than expected $2.89 billion loss is expected ending in March on a toxic combination of natural disasters and unfavorable exchange rates and just like Panasonic, Sony’s core TV business has slumped and took charges to restructure several joint ventures.
Bookmark at:StumbleUpon | Digg | Del.icio.us | Dzone | Newsvine | Spurl | Simpy | Furl | Reddit | Yahoo! MyWeb
