Panasonic Sharply Slashes Outlook By 90% Amid Financial Crisis
OSAKA, Japan - Panasonic Corp. (NYSE:PC) today announced a revision of its consolidated financial results forecast for the current fiscal year ending March 31, 2009 (fiscal 2009).
The current financial crisis originated in the United States has spread across the world and the business sentiment in Japan and overseas has significantly worsened. Under these circumstances, the company’s business conditions are deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending and ever-intensified price competition.
In addition, there are negative factors such as a write-down of investment securities as a result of the decline in stock prices and business restructuring expenses. Accordingly, Panasonic today announced a downward revision of the consolidated financial forecast for the full fiscal year 2009, ending March 31, 2009 from the previous forecast announced on April 28, 2008.
Regarding net sales on a consolidated basis, the company has revised its previous forecast of 9,200 billion yen downward to 8,500 billion yen. Consolidated operating profit1 is expected to amount to 340 billion yen, down from the previous forecast of 560 billion yen.
Consolidated income before income taxes is forecast to be 100 billion yen, down from the previously announced 500 billion yen. Net income is now expected to decrease from the previous forecast of 310 billion yen to 30 billion yen.
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The current financial crisis originated in the United States has spread across the world and the business sentiment in Japan and overseas has significantly worsened. Under these circumstances, the company’s business conditions are deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending and ever-intensified price competition.
In addition, there are negative factors such as a write-down of investment securities as a result of the decline in stock prices and business restructuring expenses. Accordingly, Panasonic today announced a downward revision of the consolidated financial forecast for the full fiscal year 2009, ending March 31, 2009 from the previous forecast announced on April 28, 2008.
Regarding net sales on a consolidated basis, the company has revised its previous forecast of 9,200 billion yen downward to 8,500 billion yen. Consolidated operating profit1 is expected to amount to 340 billion yen, down from the previous forecast of 560 billion yen.
Consolidated income before income taxes is forecast to be 100 billion yen, down from the previously announced 500 billion yen. Net income is now expected to decrease from the previous forecast of 310 billion yen to 30 billion yen.
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