Panasonic, the Japanese electronics group, warned it would suffer a Y420bn ($5.3bn) net loss this year as it embarks on a costly restructuring of its lossmaking television business.
The company had previously forecast a Y30bn profit for the financial year ending next March. But Fumio Ohtsubo, its president, said deteriorating conditions at the TV operation had forced it to cut production and write off investments in the sector.
The decision marks a strategic reversal for a company that has continued to pour resources into panel and set production even as rivals such as Sony have turned to outsourcing.
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