Panasonic forecasts record net loss

Japanese electronics company Panasonic has forecast a record net loss of 780bn yen (€7.7bn) for the fiscal year to March amid falling sales of digital products and production disruptions from flooding in Thailand.

That is nearly twice the annual net loss of 420bn yen it had projected in October.

It is also more than its past record net loss of 427.7bn yen logged for the fiscal year to March 2002, when the company was still Matsushita Electric Industrial.

For the October-December quarter, Panasonic today reported a net loss of 197.6bn yen.