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Panasonic swings to loss in fiscal Q4

Panasonic Corp. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of ¥4.41 per share, compared with ¥6.07 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of ¥10.18 billion, compared with income of ¥14.03 billion in the year-earlier period.

The normalized profit margin climbed to 3.8% from 0.7% in the year-earlier period.

Total revenue decreased on an annual basis to ¥1.996 trillion from ¥2.057 trillion, and total operating expenses decreased 5.5% from the prior-year period to ¥1.904 trillion from ¥2.015 trillion.

Reported net income came to ¥39.06 billion, or ¥16.90 per share, compared to a loss of ¥122.57 billion, or a loss of ¥53.03 per share, in the prior-year period.

For the year, the company's normalized net income totaled ¥49.69 per share, a fall of 39.8% from ¥82.52 per share in the prior year.

Normalized net income was ¥114.87 billion, a decline of 39.8% from ¥190.75 billion in the prior year.

Full-year total revenue totaled ¥7.715 trillion, compared with ¥7.737 trillion in the prior year, and total operating expenses decreased on an annual basis to ¥7.333 trillion from ¥7.431 trillion.

The company said reported net income rose 49.0% on an annual basis to ¥179.49 billion, or ¥77.64 per share, in the full year, from ¥120.44 billion, or ¥52.10 per share.

As of June 4, US$1 was equivalent to ¥124.51.