TOKYO (

TheStreet

) --

Panasonic

(PC)

said Monday it expects fiscal 2012 earnings of 30 billion yen ($373.7 million), a decrease of almost 60% from a year earlier because of the impact of the March 11 earthquake and tsunami.

The Japanese electrical giant said it expects operating profit for the year through March 2012 of 270 billion yen, down from 305.25 billion a year earlier, on a slight increase in sales to 8.7 trillion yen.

Panasonic said it expects a loss of 70 billion yen during the first half of the fiscal year from April to September.

The company, in a press statement, said it was unable to provide forecasts for 2012 back in April because it was still assessing the impact of the disasters in March.

-- Written by Joseph Woelfel

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