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Panasonic Posts $4B Loss as Sales Drop 14.4%

The Associated Press

TOKYO -- Panasonic reported a loss for the fiscal year ended in March of 378.96 billion yen ($4 billion).

The Japanese electronics giant said the global economic slump reduced revenue 14.4% to 7.77 trillion yen.

It expects to stay in the red this year, forecasting a 195 billion yen loss for the 12 months through March 2010.

Panasonic Corp. is the latest among a score of bellwether brands in Japan releasing grim annual results. On Thursday, Sony said it lost $1 billion yen last fiscal year.