Sales slash Panasonic quarterly losses
By Yuri Kageyama |
May 8, 2010, Saturday
|
Print Edition
Print Edition
Panasonic slashed its losses for the January-March quarter to just under US$1 billion as the world's biggest maker of plasma TVs benefited from a recovery in global sales.
But its president yesterday acknowledged that the company had fallen short of profit goals in recent years and needed to revamp its strategy.
To turn itself around, Panasonic must shift its focus to key growth areas, such as green businesses and health care services while moving out of unprofitable sectors over the next three years through March 2013, said President Fumio Ohtsubo.
The company also needs to become a more global company, focusing on emerging markets such as China and India, and raise its overseas sales to 55 percent from the current 48 percent, he told reporters via satellite broadcast from Osaka headquarters.
Panasonic Corp said its loss for the fiscal fourth quarter was 88.9 billion yen (US$971 million) versus a 444.3 billion yen loss a year earlier.
Quarterly sales jumped 16 percent to 2.198 trillion yen.
The maker of home electronics such as Viera TVs said it was carrying out cost cuts, focusing on emerging markets and banking on 3D TVs for new growth.
It is also seeking to adapt to a global shift toward cheaper gadgets, including new strategies that it's chiseling after adding Japanese rival Sanyo Electric Co as a subsidiary.
Sanyo's strength lies in cheaper home appliances as well as in solar-panel and battery businesses, which will benefit from "green" energy-efficient technologies.
But its president yesterday acknowledged that the company had fallen short of profit goals in recent years and needed to revamp its strategy.
To turn itself around, Panasonic must shift its focus to key growth areas, such as green businesses and health care services while moving out of unprofitable sectors over the next three years through March 2013, said President Fumio Ohtsubo.
The company also needs to become a more global company, focusing on emerging markets such as China and India, and raise its overseas sales to 55 percent from the current 48 percent, he told reporters via satellite broadcast from Osaka headquarters.
Panasonic Corp said its loss for the fiscal fourth quarter was 88.9 billion yen (US$971 million) versus a 444.3 billion yen loss a year earlier.
Quarterly sales jumped 16 percent to 2.198 trillion yen.
The maker of home electronics such as Viera TVs said it was carrying out cost cuts, focusing on emerging markets and banking on 3D TVs for new growth.
It is also seeking to adapt to a global shift toward cheaper gadgets, including new strategies that it's chiseling after adding Japanese rival Sanyo Electric Co as a subsidiary.
Sanyo's strength lies in cheaper home appliances as well as in solar-panel and battery businesses, which will benefit from "green" energy-efficient technologies.
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