URGENT: Panasonic sales slip below 7 tril. yen for 1st time in 25 yrs

Economy

Panasonic Corp. said Monday its sales in fiscal 2020 dropped 10.6 percent from a year earlier to 6.70 trillion yen ($61.5 billion), slipping below 7 trillion yen for the first time in 25 years, hurt by weak sales of its devices for cars and aircraft amid the coronavirus pandemic. Net profit fell 26.9 percent to 165.08 billion yen and operating profit dropped 12.0 percent to 258.60 billion yen in the year ended March, Panasonic said, as the Osaka Prefecture-based company has been struggling to streamline its business portfolio and boost profitability. In the current year through next March, Pan...

Kyodo News

Kyodo News