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Edition: U.S. Article Comments (0) Global Technology Summit Facebook looks at China Competition gets ugly in hot mobile games market Google, Apple not unassailable in smartphone race Verizon eyes family data plans European start-ups shy away from IPO frenzy Venture funds look beyond social media Alcatel CEO looks to future growth SAP sees growth from new businesses NXP says demand for NFC chips to soar Video: LivingSocial's Tim O'Shaughnessy on company growth Follow Reuters Facebook Twitter RSS YouTube Read Obama, Netanyahu meet amid crisis in U.S.-Israel ties | 11:49am EDT Media zoom in on mystery Schwarzenegger mistress | 18 May 2011 Analysis: France caught between denial, anger and grief over DSK 6:18am EDT Whistleblower says Russian troops fed dog food 19 May 2011 Wall Street down on euro zone worries, technicals 10:20am EDT Discussed 103 Texas county official says ”stupid” feds sparked fire 81 Israel-Palestinian violence erupts on three borders 68 Boehner says ready to cut budget deal today Watched Arnold Schwarzenegger's mystery woman identified Thu, May 19 2011 End of the world as we know it...on May 21 Wed, May 18 2011 Acting IMF chief lays out strategy 4:06am EDT small business The top 100 business minds What does the head of Al Jazeera and comedian Conan O'Brien have in common? They're two of the world's 100 most creative business people, according to Fast Company magazine. See who else made the list. Full Article VC funds look beyond social media Can a Navy SEAL help your business? Bad weather is big business for startup Panasonic sees tough year as quake aftermath hampers Tweet Share this TOKYO (Reuters) - Japan's Panasonic Corp will have an extremely tough year, with the effects of the devastating March earthquake continuing to hamper sales through September, the head of the electronics giant said on Friday. The company will also... Email Print Related News Sony may resume U.S.-based online games on Tuesday: report 9:49am EDT ADR Report-Japanese ADRs, chipmakers decline Thu, May 19 2011 UPDATE 1-Kyushu Elec warns of summer power shortages Thu, May 19 2011 Honda says parts supply recovery picking up Tue, May 17 2011 Nikkei set to fall on further global growth concerns Mon, May 16 2011 Analysis & Opinion Inheritance, taxes and portfolio rebalancing: How to get it right Sony not out of the woods Related Topics Technology » Media » Panasonic Corp. President Fumio Ohtsubo speaks during a group interview in Tokyo May 20, 2011. Credit: Reuters/Issei Kato TOKYO | Fri May 20, 2011 6:06am EDT TOKYO (Reuters) - Japan's Panasonic Corp will have an extremely tough year, with the effects of the devastating March earthquake continuing to hamper sales through September, the head of the electronics giant said on Friday. The company will also split the 17,000 job cuts it plans by March 2013 in roughly equal proportions between Japanese and foreign operations, President Fumio Ohtsubo told reporters. He said there were uncertainties over the impact of power shortages in the peak summer months and that he did not see much additional demand for the company resulting from rebuilding efforts in northern Japan. "On April 28, we forecast the disaster would cut first quarter sales by several hundreds of billion yen," Ohtsubo said. "At this point we see it as less, possibly half or a third of what we thought. But the second quarter will not be much better, because of the lingering difficulties with the supply chain." Although Panasonic factories in northern Japan have been repaired, they are not necessarily operating at full capacity. "Basically, I have the strong sense that the 2011/2012 financial year will be extremely tough," Ohtsubo said. Last month Panasonic said its operating profit rose 60 percent for the year ended in March, but did not give a forecast for the current year because of a lack of clarity about the impact of last month's devastating earthquake and tsunami, and the continuing nuclear crisis. Ohtsubo said it was possible the company would offer a full-year forecast along with its first quarter results, which were last year announced at the end of July. The market consensus is for an operating profit of 273.9 billion yen ($3.4 billion) for the year to March 2012, down about 10 percent on the previous year, according to an average of 21 analysts polled by Thomson Reuters I/B/E/S. Panasonic, which faces harsh competition from South Korea's Samsung Electronics and LG in its loss-making flat-screen television business, is seeking to shift its focus to environmental and energy-related businesses such as rechargeable batteries. As part of that strategy, it announced last year it would pay $9.4 billion to make Panasonic Electric Works and Sanyo Electric Co wholly owned units, taking on tens of thousands of additional staff. It announced in April that it planned to shed at least 17,000 jobs and might close up to 70 factories around the world by March 2013, to cut out overlapping areas, pare costs and keep up with Asian rivals. Panasonic is keen to integrate businesses including home appliances, air conditioning, projectors and surveillance cameras, as well as head office and back office functions. Shares in Panasonic fell 0.6 percent to 944 yen on Friday, ahead of the interview's publication, underperforming the broader Nikkei average, which slipped by 0.1 percent. ($1 = 81.610 Japanese Yen) (Reporting by Isabel Reynolds; Editing by Edwina Gibbs) Technology Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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