After electronics maker Sony posted a $5-billion loss yesterday, another Japanese electronics maker has revealed that they operated at a loss. Panasonic posted a record annual loss of Y772.2 billion ($9.68-billion), which also caused their share price to fall to a 30-year low.
The company blamed the Japanese earthquake and tsunami of March 2011, which resulted in a loss of electricity in large parts of Japan – which in turn led to lower domestic sales. The global economic crisis also took its toll on the manufacturer, as sales dipped in their televisions and digital cameras segments.
“Panasonic’s poor performance follows record annual losses for rival Sony. On Thursday, Sony announced its worst ever annual loss of $5.7 billion in the fiscal year ending March. However, it was lower than beleaguered electronics giant’s previous estimates of finishing the year $6.4 billion in the red,” writes CNN.
Just as with rival Sony, Panasonic has a plan in place which it hopes will curb the downturn – a project called Green Transformation 2012.
“With sales increases in products, such as air conditioners and refrigerators, meeting local needs in India and Brazil, and HIT solar cells by maximizing Panasonic Group sales strength in Japan, the positive results have started showing in some regions and businesses,” Panasonic said in a statement.
Charlie Fripp – Consumer Tech editor