TOKYO (REUTERS) - Japan's Panasonic Corp said it will target an annual operating profit of 350 billion yen ($4.6 billion) and a margin of 5 per cent by March 2016 as the company president unveiled his blueprint to revive the sprawling electronic giant.

Panasonic also said it will spend 250 billion yen on fresh restructuring steps over the next two business years.

Taking over in April last year, company president Kazuhiro Tsuga promised tough love to rehabilitate a company that along with local TV rivals Sony and Sharp has been trounced in overseas markets by South Korea's Samsung Electronics and LG Electronics.