The Japanese electronics group said it now expected to make only Y340bn ($3.6bn) in operating profit in the year to March 2009, and that it would suffer a net loss of Y98.5bn in the second half, because of restructuring costs and losses on its securities portfolio.
The extent of the downgrade at one of Japan's strongest consumer electronics groups will raise fears that rivals, such as Sony and Toshiba, are suffering more than they have admitted. Sony cut its operating profit forecast by 57 per cent a month ago.
Makoto Uenoyama, Panasonic's finance director, blamed “a fall in sales because of the rapid economic slowdown and lower prices due to fierce competition” starting from October.
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