Panasonic slumps to $4 billion yearly loss (AP)

Panasonic Corp. President Fumio Ohtsubo bows during a news conference on the company's financial results for the year ended March 2009, in Tokyo, Japan, Friday, May 15, 2009. Panasonic Corp. sank deep into the red last fiscal year, joining a growing list of Japanese electronics makers who have fallen victim to a stronger yen and an unprecedented slump in global demand. The Osaka-based company Friday reported a 378.96 billion yen ($4 billion) loss for the fiscal year ended March — its first loss in seven years — and expects to stay in the red in the current fiscal year.(AP Photo/Itsuo Inouye)AP – Panasonic Corp. slumped deep into the red last fiscal year, joining the expanding club of big Japanese brands shellshocked by their rapid descent from cash cow to money loser.

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2009
05/15
CATEGORY
News
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