Pana­sonic cuts profit view on strong yen

The Myanmar Times - - International Business -

JAPAN’S Pana­sonic has cut its an­nual profit and rev­enue fore­casts, blam­ing the im­pact of a strong yen and a poor show­ing in its so­lar panel busi­ness.

The firm – which has been un­der­go­ing a huge re­struc­tur­ing af­ter record losses – said it now ex­pects net profit to come at 120 bil­lion yen (US$1.1 bil­lion) for the fis­cal year through March, down 17 per­cent from an ear­lier pro­jec­tion. It also cut a rev­enue tar­get again, say­ing full-year sales would come in at 7.2 tril­lion yen, down 5pc from the ear­lier pro­jec­tion.

Pana­sonic and other ma­jor Ja­panese firms do­ing busi­ness abroad have been stung by a sharp rally in the yen, which shrinks the value of their repa­tri­ated prof­its. For its fis­cal year first half, Pana­sonic said it had a net profit of 119.9 bil­lion yen, up 7.7pc from a year ear­lier thanks mainly to one-off gains.

Op­er­at­ing profit tum­bled by more than a quar­ter while rev­enue was off 7pc at 3.5 tril­lion yen.

The de­cline was partly due to weaker de­mand for house­hold so­lar en­ergy sys­tems, Pana­sonic said. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.