Panasonic posts a $4 billion loss in the last financial year

Panasonic posts a $4 billion loss in the last financial year

Last year turned out to be a disastrous one for Panasonic as the company posted a 378.96 billion yen loss for the fiscal year ended March.

This is Panasonic’s first loss in as many as seven years.

The company revealed that things are unlikely to improve this year and they are expected to post a loss in the current year as well.

Panasonic reported that their sales in the last year were down 14.4 percent to 7.77 trillion yen. The operating profit too fell down 86 percent to 72.9 billion yen.

The company is now expected to take drastic steps to improve the situation.