Panasonic reported a 378.96 billion yen ($4 billion) loss for the fiscal year ended March — its first loss in seven years.

Sales were down 14.4 percent to 7.77 trillion yen, and operating profit tumbled 86 percent to 72.9 billion yen.

For the January-March quarter, Panasonic booked a record net loss of 444.3 billion yen compared with a profit of 61.6 billion yen a year earlier.

The results represent a quick reversal of fortune for Panasonic, which just last year posted a record net profit of 281.9 billion yen.

Panasonic vowed to press ahead with "drastic business structural reforms" to try to engineer a recovery.

The company will close 40 production facilities worldwide by March 2010 to help save 135 billion yen this year, said Panasonic official.

By: DocMemory
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