One of Japanese biggest electronic manufacturers has announced to step back from consumer gadgets due to their full year net loss of 754.25 billion yen which is almost matching last year’s net loss of 772.17 billion yen.
Panasonic announced to pull way from consumer electronics to with rival Sony which accounts for more than half of their revenue. The Electronic giant is expecting to return a fourfold increase in profits by next March.
Panasonic assets dropped to 5.4 trillion yen from 6.6 trillion at the end of the latest business year.
According to reports Panasonic are expected to return a net profit of 50 billion yen, an operating profit of 250 billion yen and revenue of 7.2 trillion yen.
Panasonic are expected to cut more jobs adding to the 40,000 job cuts they have had in the past two years according to reports.
The electronic giants have helped weaken the yen which is currently 100yen against the US dollar for the first time since April 2009.
Panasonic plans to spend $2.5 billion to invest into the business after the sales decreased from $92 billion in the past six years.
Like Panasonic domestic rivals such as Sony, the company has suffered in television sales due to tough competition and the company is depending on the asset sales to revive to profits and growth of the company.
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