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

To: StanX Long who wrote (63178)	4/25/2002 1:59:53 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Matsushita Electric, Sony to Post Losses Amid Slump (Update1) By Greg Chang quote.bloomberg.com Tokyo, April 25 (Bloomberg) -- Matsushita Electric Industrial Co. and Sony Corp., the world's two biggest consumer-electronics companies, will report fiscal fourth-quarter losses today and tomorrow as Japan's slumping economy reduced demand, analysts said. Sony is expected today to report a loss of 6.4 billion yen ($49 million) in the quarter ended March 31, while Matsushita's loss is forecast at about 198 billion yen, according to a Bloomberg News survey of four analysts. Matsushita reports earnings Friday for the fiscal year just ended. Sales of products such as Matsushita's Panasonic mobile phones and Sony's Wega televisions have slumped during Japan's third recession in a decade and a worldwide economic slowdown. Rivals Sharp Corp., Sanyo Electric Co. and Victor Co. of Japan also are expected to report losses today for the second half. ``It's hard to see a significant pickup in consumer spending.'' said Naoki Murakami, an economist at BNP Paribas Securities. In a further sign Japan's economic woes continue, the government today said the country's economy contracted 1.2 percent in the fourth quarter of last year, the same as initially estimated. The decline from the previous quarter was the third in a row, capping the longest slide in gross domestic product since the end of World War II.