Japanese technology giant Panasonic has forecast it will lose ¥765 billion ($9.6bn) by the end of its current financial year, ending early 2013, despite previously projecting a ¥50 billion ($626m) profit.
The massive projected loss is partly due to deferred tax assets, the firm said in its report [PDF]. In the statement, Panasonic cited a continued unease over the global economy along with a strong Japanese yen. The firm also noted a slowdown in emerging Asian economies due to worsening market conditions. All in all, the firm is reeling from poor sales and a lack of demand in the electronics goods sector.
In total, the result of the 2012/13 loss will increase its cumulative loss over the past five years to nearly $25 billion, Reuters reports.
The electronics maker said its operating profit is expected to be ¥140 billion ($1.7bn), a decrease from ¥260 billion ($3.26bn) due to poor overall sales.
Panasonic also said in its second quarter earnings that it had made a loss of ¥698 billion ($8.7bn) during the July-September quarter. The firm also recorded a ¥48.8 billion ($611.8m) operating loss compared to ¥42 billion ($526.2m) on the same quarter a year ago.
Panasonic continues to reshuffle its business, but predicts its restructuring costs will be 11 times over previous estimates. The firm has already reduced its overall headcount by 36,000 employees in the past year alone, but retains more than 330,000 employees across its global operations.