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Matsushita Revises Downward Fiscal-Year Profit

The giant Tokyo – Matsushita Electric Industrial has revised downward its February forecast for fiscal-year income after being by declining value of its bank stock investments, along with a revision of local tax laws that are reflected in additional losses.CE company initially had anticipated a profit of $207 million for the 12 months, ended March 31. With the drop in value of its investments, it now expects to report a loss of $195 million. This, however, is far below the loss of $3.6 billion reported in the previous fiscal year.

Citing various management initiatives, such as cost-cutting, and profit from such products as DVD recorders, Matsushita said sales and earnings would have been in line with the earlier predictions, if not for the investment downswing.

Matsushita has not changed its fiscal-year expectations for sales or operating profit. The company, in February, had forecast a sales increase of 6 percent, to about $60.7 billion for the 12-months.