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Japan's Panasonic is set to book a $3.9 billion net loss in the business year ending in March on restructuring costs amid shrinking demand, a source with knowledge of the matter said on Monday.
A loss by Panasonic, the world's biggest plasma TV maker, would follow warnings of red ink from Sony [SNE
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], Hitachi and other rival Japanese electronics makers, hit by the global recession as well as a strong yen that cuts into their earnings generated overseas.
The source, who spoke on condition of anonymity because the information is not yet public, confirmed a report by the Yomiuri newspaper that Panasonic was facing a loss of 350 billion yen for 2008/09.
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The loss would be Panasonic's biggest since the firm posted a loss of about 430 billion yen for 2001/02.
The company in November forecast a net profit of 30 billion yen, which was revised down from its previous projection of a 310 billion yen profit.
Panasonic, formally known as Matsushita Electric Industrial, said in a statement it did not announce the reported figure and will disclose its third-quarter results on Feb. 4, which may or may not include a revision to its earnings forecast.
The Nikkei business daily also reported that Panasonic's operating profit will plunge about 90 percent to 70 billion yen this business year. The company has forecast a 340 billion yen profit, down 35 percent from a year earlier.
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