Panasonic, who has resorted to PR hype and social network marketing in Australia because of a lack of marketing funds, has delivered a US$5 Billion dollar loss for the first three months of 2012.The10-fold increase in losses comes as the Company struggles to compete in the TV market in Australia, Recently Harvey Norman produced a national TV catalogue, missing was Panasonic.
The Company that has been battered by natural disasters and an ailing TV business is set to move further into the air conditioning and appliance markets in Australia in an effort to improve their profit position.
Panasonic Corp had racked up a 40.7 billion yen loss the same period the previous year.
Panasonic who makes Viera Plasma TVs and Lumix digital cameras reported a record loss of USD 9.6 billion, a reversal from the 74 billion yen profit a year ago. This is among the biggest in Japan’s manufacturing history.
That comes a day after Panasonic’s archrival Sony racked up a record annual loss of USD 5.7 billion in its fourth straight year of red ink.
Sony, which makes the Walkman portable audio player and PlayStation game machine, had a USD 3.2 billion loss January-March — its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.
Both companies’ TV operations, centering around flat-panel sets, have been battered by a powerful Samsung Electronics Co of South Korea and other Asian players.