Matsushita says loss will be larger than expected
EBN
(02/21/02 15:07 p.m. EST)
siliconstrategies.com
Matsushita Electric Industrial Co. Ltd., Osaka, Japan, today reported consolidated group sales for the fiscal third quarter ended December 31, were down 13% to 1,737.2 billion yen (U.S.$13.16 billion), from 1,992.6 billion yen in the same three-month period a year ago.
Of the total, sales in Japan decreased 24% to 803.7 billion yen ($6.09 billion), from 1,054.8 billion yen in the same quarter of the previous year, while overseas sales were mostly unchanged at 933.5 billion yen ($7.07 billion), compared with 937.8 billion yen in the same quarter a year ago.
Excluding the effects of currency translation, overseas sales decreased 9% from a year ago on a local currency basis.
In explaining third-quarter results, Matsushita reiterated the worsening global economic environment and persisting overcapacity in the IT industry worldwide, as well as depressed market conditions in Japan, as the principal factors for sales and earnings declines. |
