Record losses at Panasonic

Panasonic has reported record losses of £5.4bn for the second quarter of 2012. In its consumer electrical division sales decreased in the six months to September by 24% to £5.5bn, down from £7.1bn in 2011 – attributed to a sharp fall in sales of flat-panel TVs, Blu-ray recorders and digital cameras. Reuters has reported Kazuhiro Tsugo, Panasonic’s president, as saying the company will move away from TV and consumer electronics. It is performing better in appliances: sales of (mostly) refrigerators and washing machines increased 2% to £6.3bn. Losses have been partly attributed to the European financial crisis, the slowdown of Asian economic expansion and 2012 company restructuring costs.