Panasonic’s January-March losses ballooned 10-fold to $5 billion, completing a year of record red ink at the Japanese electronics maker battered by natural disasters and an ailing TV business.
That comes a day after Panasonic’s archrival Sony Corp. racked up a record annual loss of $5.7 billion in its fourth straight year of red ink.
Sony, which makes the Walkman portable audio player and PlayStation game machine, had a $3.2 billion loss January-March – its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history. Panasonic is forecasting a return to profit for the fiscal year ending March 2013,
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