Panasonic posts $2.6 bn quarterly loss, raises full-year loss forecast

Tokyo: Panasonic Corp posted a quarterly net loss of ¥197.6 billion ($2.59 billion) on Tuesday and forecast a record ¥780 billion full-year net loss, hurt by weak demand for its TVs and the cost of restructuring operations.

The loss at the maker of Viera TVs for the October-December period compared with a consensus estimate of an ¥8.4 billion net loss, based on a Smartestimate of three analysts.

Panasonic has been hurt by poor sales of its TVs amid weak demand and stiff competition, and is accounting for the cost of shuttering some panel production and laying off workers.

The revised full-year net loss forecast compared with a ¥470 billion loss consensus estimate of 19 analysts polled.

Shares in Panasonic, which competes with South Korea’s Samsung Electronics Co, Sony Corp and Sharp Corp, have fallen by 45% in the past 12 months and slid to their lowest close in more than 30 years on Thursday. Tokyo’s benchmark Nikkei average fell 15% over the same period.