Panasonic cuts profit view on solar slide, strong yen

AFP, TOKYO: Japan’s Panasonic yesterday its annual profit and revenue forecasts, blaming the impact of a strong yen and a poor showing in its solar panel business.
The firm—which has been undergoing a huge restructuring after record losses -- said it now expects net profit to come at 120 billion yen ($1.1 billion) for the fiscal year through March, down 17 per cent from an earlier projection.
It also cut a revenue target again, saying full-year sales would come in at 7.2 trillion yen, down five per cent from the earlier projection. 
Panasonic and other major Japanese firms doing business abroad have been stung by a sharp rally in the yen, which shrinks the value of their repatriated profits.
For its fiscal year first half, Panasonic said it had a net profit of 119.9 billion yen, up 7.7 per cent from a year earlier thanks mainly to one-off gains.

Panasonic cuts profit view on solar slide, strong yen

AFP, TOKYO: Japans Panasonic yesterday its annual profit and revenue forecasts, blaming the impact of a strong yen and a poor showing in its solar panel business. The firmwhich has been undergoing a huge restructuring after record losses -- said it now expects net profit to come at 120 billion yen ($1.1 billion) for the fiscal year through March, down 17 per cent from an earlier projection. It also cut a revenue target again, saying full-year sales would come in at 7.2 trillion yen, down five per cent from the earlier projection. Panasonic and othermajor Japanese firms doingbusiness abroad have been stung by a sharp rally in the yen, which shrinks the value of their repatriated profits. For its fiscal year first half, Panasonic said it had a net profit of 119.9 billion yen, up 7.7 per cent from a year earlier thanks mainly to one-off gains.