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Panasonic Reports Loss As TV Sales Decline

Osaka, Japan — Panasonic reported a loss of 754.3 billion yen ($7.42 billion) for fiscal 2013, which ended in March.

In fiscal 2012, the company reported a 772.2 billion yen loss. The company said sales for fiscal 2013 declined 7 percent from the previous year, to 7.3 trillion yen ($71.9 billion).

Panasonic is in the midst of a major restructuring effort to improve its profit performance, but the company said that, thus far, the results were below expectations.

This was attributed to negative market conditions for the consumer electronics industry, including diminished demand for flat-panel TVs in Japan.

Panasonic said poor sales of TVs and display panels caused a 20 percent decline in revenue for the business unit in the period.

Panasonic president Kazuhiro Tsuga, has promised to cut unprofitable businesses in an effort to get the company back in black.

The company’s operating profit, including restructuring costs, showed a 160.9 billion yen ($1.6 billion) gain, up 268 percent from a year ago.