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Panasonic To Post Loss For Year: Report

1/28/2009 09:31:00 AM Eastern

Osaka, Japan — Panasonic will post its first net loss in six years for the fiscal year ending March 31, according to a Nikkei report out here today.

The report, which does not quote Panasonic or other industry sources, blames restructuring expenses, slumping prices and the yen’s appreciation for a possible loss of 100 billion yen. (The exchange rate of today would make that a $1.12 billion loss.)

The Nikkei report is similar to a story the media outlet did about a projected fiscal year loss for Sony earlier this month, just days before Sony officially forecasted a $2.9 billion annual operating loss.

Today on its Web site Panasonic issued a statement saying, “The forecast [in] the media report is not on any official announcements by Panasonic. Panasonic currently intends to announce [its] consolidated financial results forecast for fiscal 2009, including whether to revise the current forecast, on the financial announcement for the fiscal 2009 third quarter scheduled on Feb. 4, 2009.”

Panasonic made no comment or reference in its statement to the closing of two electronics parts facilities in Malaysia and a battery plant in the Philippines that was also mentioned in the Nikkei story.