Feb. 3 (Bloomberg) -- Panasonic Corp. almost doubled its annual loss forecast to a record 780 billion yen ($10 billion), the latest Japanese electronics company to predict weaker earnings because of Thailand floods and slowing demand for TVs.
The revised estimate, which includes goodwill writedown, compares with the 420 billion-yen loss Panasonic predicted in October. The loss in the 12 months ending in March will be the biggest since the world’s largest maker of plasma TVs was founded in 1918.
President Fumio Ohtsubo is eliminating jobs, shifting output overseas and trying to transform the Osaka-based company into a leader in solar panels and rechargeable batteries amid mounting competition in TVs. Panasonic joins Sony Corp. and Sharp Corp. in increasing loss forecasts as they struggle to cope with weak sales after the floods and March earthquake in Japan crippled plants and suppliers.