TOKYO, Oct 31 (APP/AFP): Japan’s Panasonic on Monday cut 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 percent 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 percent 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.
Business News
Panasonic cuts profit view on solar slide, strong yen
