Panasonic Swings To Q2 Net Loss, Cut Earnings Forecast

Panasonic Corp

swung to a net loss for the second quarter. Panasonic posted a quarterly net loss of Y105.8 billion, versus net profit of Y31.0 billion, in the year-earlier period. Its operating profit dipped to Y42.0 billion, from Y85.2 billion. Its revenue declined 6% to Y2.076 trillion from Y2.207 trillion. For the full fiscal year through March, Panasonic lowered its earnings view. It now projects a net loss of Y420 billion, an operating profit of Y130 billion on revenue of Y8.3 trillion.