Panasonic Faces $9.6 Billion Loss

Panasonic Corp. said Wednesday it is projecting a full year loss amid falling demand for its Viera TVs and additional restructuring costs.

The net loss will probably be ¥765 billion in the business year ending March 31, the company said, scrapping its May projection of ¥50 billion in net income.

Panasonic, Sharp Corp. and Sony Corp., Japan’s three biggest TV makers, are cutting jobs and closing production lines to recover from record losses amid slumping demand and rising competition from South Korea’s Samsung Electronics Co. and LG Electronics Inc.

Panasonic eliminated 38,387 positions in the year through June 30 and promoted Kazuhiro Tsuga to president after he led restructuring of the firm’s TV business.

Read the rest of the story: In U-turn, Panasonic faces ¥765 billion loss.

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