Panasonic reports $10.2 billion loss for 2012, plasma TV sales fall more than 40 percent
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Author: Jenny Zhao
Author: Jenny Zhao
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Panasonic released its annual financial results today, and like so many of the old guard in Japan’s technology sector, things aren’t pretty. The company announced that its net loss for fiscal 2012 (the year ending March 31st) amounted to ¥812.8 billion (about $ 10.2 billion)— an increase of more than ¥30 billion (about $ 375 million) from its revised forecast in February. Like every other Japanese hardware manufacturer this year, Panasonic pointed to the effects of the 3/11 earthquake, flooding in Thailand, and the historically high yen as major factors affecting its bottom line. In the announcement, the company noted that despite streamlining and cost-cutting efforts, operating profit (profit before interest, taxes, and…
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