Panasonic has announced that it has revised its financial forecast for its current fiscal year, which will end on March 31, 2009. The electronics maker says that the financial crisis from the US has spread and is affecting sales in other parts of the world.
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Panasonic says that the appreciating yen, intensified price competition, and sluggish spending have all teamed up to reduce its profitability. The company also cites the write down of investment securities, decline in stock price and business restructuring expenses as reasons for the change in financials.
Panasonic now says that its net sales on a consolidated basis are expected to be 8,500 billion yen down from an original projection of 9,200 billion yen. Consolidated operating profit is expected to be 340 billion yen, down from the previously predicted 560 billion yen. Net income has dropped from an expected 310 billion yen 30 billion yen.