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Panasonic posts loss, forecasts full year red ink

Mon, 10/31/2011 - 12:05am
The Associated Press

Panasonic stayed in the red in the latest quarter and projected a huge annual loss due to slumping TV sales and the strong yen.

Panasonic Corp. on Monday reported a loss of 105.8 billion yen ($1.34 billion) for the July-September quarter.

The company now expects a loss of 420 billion yen ($5.3 billion) for the fiscal year through March 2012, down sharply from an earlier projection of a 30 billion yen ($380 million) profit.

Panasonic, which makes Viera TVs and Lumix cameras, slumped to a 30.4 billion yen loss in the April-June quarter, hit by damages and lost sales from the March 11 earthquake and tsunami.

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