Sharp, Panasonic post massive losses of more than $13.5b
TOKYO (AFP) - Panasonic and Sharp racked up more than US$11 billion (S$13.5 billion) in combined losses over the nine months to December as the embattled Japanese electronics giants warned on Friday there was more bleeding to come.
Japan's battered electronics sector has suffered from myriad problems including a high yen, slowing demand for key export markets, fierce overseas competition and strategic mistakes that left companies' finances in ruins.
Industry giants Sharp, Panasonic and Sony have been hammered by credit rating downgrades and record losses, while century-old Sharp warned about its own survival last year and put up its Osaka headquarters as collateral for bank loans it needed to stay afloat.
On Friday, the maker of Aquos-brand electronics said its doubled its loss in the nine months to December to US$4.6 billion, while Panasonic said it lost about US$6.77 billion over the same period, and was on track to lose a whopping US$8.3 billion over the fiscal year to March.