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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's Panasonic slashes profit forecast AFP - Friday, November 28 TOKYO (AFP) - - Japanese consumer electronics giant Panasonic Corp. has slashed its net profit forecast for the current financial year by 90 percent as the economic crisis pushes down sales. Japan's electronics giants are facing tougher times after several years of big profits driven by strong sales of flat televisions, digital cameras and mobile telephones. Despite being a leader in plasma display panels, Panasonic has not been immune to stiff price competition and a worsening global economy. The company now expects net earnings of 30 billion yen (316 million dollars) in the year to March, down from a previous target of 310 billion and the previous year's record high of 281.9 billion. The group cut its operating profit forecast by 39 percent to 340 billion yen and its revenue target by 7.6 percent to 8.5 trillion yen. Falling product prices drove down the company's earnings, said Makoto Uenoyama, a Panasonic director in charge of financing and accounting. "The biggest factor was televisions," he said. "We were expecting a roughly 20 percent drop in the prices of flat-screen televisions this year, but they have declined some 30 percent. We still expect them to fall 10 percent more." Other Japanese electronic makers have also been hit hard by a stronger yen and a global economic downturn. Sony Corp. last month slashed its operating profit forecast by 57 percent for this financial year. Panasonic, which changed its corporate name from Matsushita Electric Industrial on October 1, had been coping fairly well compared with its rivals. In the last financial year to March it made operating profit of 519.5 billion yen on revenue of 9.07 trillion yen. It managed to grow its profits by 22 percent to 128.49 billion yen in the first six months of the current financial year. But it said in a statement that business conditions were "deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending and ever-intensified price competition." "In addition, there are negative factors such as a write-down of investment securities as a result of the decline in stock prices and business restructuring expenses," it added. Panasonic said earlier this month it aimed to acquire troubled rival Sanyo Electric Co. to create Japan's biggest electronics maker. But top shareholder Goldman Sachs said Wednesday it had pulled out of talks with Panasonic about selling its stake in Sanyo because the Japanese technology giant's offer was too low. Panasonic shares fell 4.7 percent to end at 1,284 yen Thursday after media reports of an impending profit warning, which came after the close of trade. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SKorea industrial production slows in OctoberAFP - 29 minutes ago Indian bond yields at 3-yr low on rate cut hopesReuters - 44 minutes ago Bulgari expects tough Christmas, 2009 for sales-CEOReuters - 44 minutes ago MF Global to trade distillate swaps in Asia-sourcesReuters - 47 minutes ago Nikkei gains as China hopes, Kyocera offset PanasonicReuters - 47 minutes ago Enlarge Photo Japan's Panasonic slashes profit forecast Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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