Page last updated at 08:18 GMT, Thursday, 27 November 2008

Panasonic slashes profit forecast

Fumio Ohtsubo, president of Panasonic
Panasonic is one of Japan's leading electronics exporters

Japanese consumer electronics firm Panasonic has cut its annual profit forecast by 90% because of the global economic downturn.

The company now expects to report net profits of 30bn yen ($315m, 210m) for the year ending in March 2009.

Panasonic made a net profit of 281.88bn yen a year ago and had originally forecast a 310bn yen profit this year.

It said conditions were "deteriorating sharply" because of falling consumer spending and tougher competition.

The company also cut its sales forecast by 7.6% to 8.5 trillion yen.

Panasonic cited the rise in the value of the yen as another reason for weaker profits. A stronger yen cuts the exporter's overseas earnings.

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