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Panasonic seen posting $1.1 billion loss in 2009/10

Japan's Panasonic Corp is likely to post a net loss of more than ¥100 billion ($1.1 billion) for the year ending in March 2010, the Yomiuri newspaper reported, as the consumer electronics maker grapples with a stronger yen and slowing demand.

That is in line with an average estimate of a ¥105.4 billion net loss in a poll of 17 analysts by Thomson Reuters.

Analysts expect the company to suffer a second straight year of losses this financial year, as the industry is mired in a global slump that is shaping up to be nastier than the last major downturn in 2001 after the IT bubble.

Separately, the Sankei newspaper said Panasonic was likely to forecast an operating profit for this financial year but project a net loss due to costs to pull out of unprofitable operations.

Panasonic spokesman Akira Kadota said the reported figure was not something the company had announced.

The company in February warned it would post a ¥380 billion net loss for the year that ended in March and cut about 15,000 jobs in the face of the downturn.

The company is scheduled to announce its results and outlook on Friday. (Reuters)