The latest japanese TV manufacturer, Panasonic updated its annual forcast recently and predicted losses of ¥780 billion ($10.24 billion), which is, untill now, the largest loss encountered in the company’s past.
This loss beings it close to the loss record posted by Hitachi in fiscal year of March 2009 of ¥787.34 billion ($10.33 billion). The causes of the loss are blamed on the Thai floods and the strong yen, although Panasonic wrote off ¥250 billion ($3.28 billion) in April for the buyout. The quarterly net loss was predicted at ¥3 billion ($39.37 million) but reached an astonishing ¥197.6 billion ($2.59 billion). Panasonic’s huge loses seem to make Sony’s recently disappointing results look a little less disastrous.