Japanese electronics giant Panasonic says its net loss reached $7.5 billion in the year to March on falling demand for goods such as flat-panel TVs, but pledged it would return to profit by next March.
The struggling electronics giant logged a 754.25 billion yen in net loss over the year to March, slightly trimming a 772.17 billion yen net record loss seen in the previous year.
Its operating profit however jumped 268 per cent to 160.94 billion yen as the firm carried out aggressive cost cutting and reform programs, while sales came to 7.3 trillion yen, down 6.9 percent.
"During the fiscal 2013 under review, the business environment for Japanese companies improved as a result of factors including the depreciating yen against U.S. dollar and Euro after a period of extreme yen appreciation, and the recovering U.S. stock market, towards the end of the fiscal 2013," the company said in a statement. "However, the electronics industry continued to be in a severe business situation including sluggish demand in flat-panel TVs mainly in Japan."
Panasonic said its three-year midterm management plan "Green Transformation 2012", which ended in the fiscal 2013, "achieved results far below target".
The Japanese electronics industry is going through tough times at present on account of strong Korean competition.
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