Huge Loss For Panasonic
Panasonic last week announced that it posted a $4 billion loss for the fiscal year, its first in seven years. According to the Associated Press, the Japanese electronics giant expects to remain in the red this year as well.
The figure represented the 12-month period that ended in March. Operating profit dropped 86 percent while sales fell 14.4 percent. The performance was attributed mostly to falling demand for various products sold by the company, due to the struggling world economy.