US$9.67 billion loss for Panasonic

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2012-05-14

Panasonic Japan has announced a record US$9.67 billion annual loss.

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The loss, one of the worst-ever for a Japanese firm, will probably result in an overhaul in the Panasonic business model.

The important Japanese company was batterd by a very strong local currency, causing strong competition from overseas electronics firms.

There was also a sales decrease after the Japan earthquake and flooding last year in Thailand, where many of Panasonic's warehouses were situated.

Nevertheless, Panasonic has insisted it will return to profit in early 2013, along with a projected improvement in the global economy.

Source: The Asia News.Net

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