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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60788)	2/21/2002 1:50:22 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Matsushita Elec. Has 3rd-Qtr Loss on Cell-Phone Slump, Job Cuts By Keiko Kambara quote.bloomberg.com Osaka, Japan, Feb. 21 (Bloomberg) -- Matsushita Electric Industrial Co., the largest consumer-electronics maker, had a fiscal third-quarter loss because of lower sales at its mobile- phone unit and costs related to job cuts, prompting the company to widen its full-year loss forecast. The maker of Panasonic and National brands had a loss of 172 billion yen ($1.3 billion) in the three months ended Dec. 31, compared with group profit of 22.8 billion yen a year earlier. Sales fell 13 percent to 1.74 trillion yen. Revenue at Matsushita's mobile-phone unit slumped in the third quarter, declining by more than half after the company developed fewer new handsets and it lost market share in Japan to rival NEC Corp. An economic slowdown in Japan, which accounts for almost half of Matsushita's sales, and slower growth in Europe and the U.S. also led to less demand for the company's semiconductors, electronics and consumer goods. Matsushita's shares rose 6 yen, or 0.4 percent, to 1,518 yen before the earnings results were announced. They've fallen about 10 percent since the start of the year, compared with a 2 percent decline in the 152-member Topix Electric Appliances Index