Reuters - Shares in Japan's Hitachi Ltd dived 17 percent to a near 29-year low on Monday after its warning of a record $7.8 billion annual loss due to weak sales, a firmer yen and costs of restructuring its sprawling operations.
TOKYO (Reuters) - Shares in Japan's Hitachi Ltd dived 17 percent to a near 29-year low on Monday after its warning of a record $7.8 billion annual loss due to weak sales, a firmer yen and costs of restructuring its sprawling operations.
Sony and Panasonic shares plunged to their lowest levels in more than three decades on Friday as investors fretted about the future prospects for two of Japan's most iconic firms amid massive losses.Sony, which reported a record $5.7 billion annual loss Thursday, dived 5.11 percent to 1,151 yen by noon, while Panasonic was off 1.55 percent at 570 yen its earnings later Friday, which it has warned may show a record yearly loss.
AP - Japanese electronics maker Panasonic forecast Friday it would log a record net loss of 780 billion yen ($10.2 billion) for the year through March, nearly twice its previous estimate, amid weak TV and mobile phone sales and restructuring costs.
Tokyo (AFP) - Sony on Wednesday cut its full-year loss forecast by more than a quarter to $1.4 billion, pointing to its latest three-month results that benefited from a weak yen and improving smartphone sales.
Tokyo Electric Power on Friday posted the biggest ever loss for a Japanese firm outside the financial sector after being hit by huge costs as a result of the worst nuclear crisis since Chernobyl.The beleaguered utility posted an annual net loss of 1.25 trillion yen ($15 billion) and said its president Masataka Shimizu will step down over the crisis at its crippled Fukushima Daiichi nuclear plant.TEPCO will appoint Managing Director Toshio Nishizawa to replace Shimizu, effective after a June shareholders meeting.