Panasonic Bracing for 55.7 Pct Full-Year Net Profit Fall

Economy

Osaka, July 30 (Jiji Press)--Panasonic Corp. <6752> said Thursday its group net profit for the current business year through March 2021 is expected to plummet 55.7 pct from the previous year to 100 billion yen.

The major Japanese electronics maker’s consolidated sales are projected to drop 13.2 pct to 6.5 trillion yen, falling below 7 trillion yen for the first time since the year that ended in March 1996, due to the fallout from the novel coronavirus pandemic.

Sales of in-car equipment, including electric side view mirrors and dashboard displays, have particularly been slumping, estimated to drop 16 pct.

The company forecasts a moderate sales recovery in the second half of the year. Still, the pandemic is believed to erode Panasonic’s earnings by 650 million yen for the whole of the year, it said.

The gloomy net profit outlook also reflects plunging order receipts for lucrative airplane seat monitors amid continued international travel restrictions.

[Copyright The Jiji Press, Ltd.]

Jiji Press