TOKYO (Reuters) – Japan’s Panasonic Corp (6752.T) posted on Monday a 29% drop in annual operating profit amid the coronavirus outbreak but said its battery cells joint venture with major customer Tesla Inc (TSLA.O) logged a second straight quarterly profit.
FILE PHOTO: The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus
Panasonic did not issue an earnings forecast for the current year due to uncertainty from the virus, joining a number of Japanese electronics companies, including Sony Corp (6758.T) and Canon Inc (7751.T), in refraining from providing outlooks.
Operating profit for the year ended in March came in at 293.75 billion yen ($2.74 billion), in line with an average estimate of 295.3 billion yen profit drawn from 17 analysts polled by Refinitiv.
Analysts have forecast an average 225.46 billion yen profit for the current financial year.
The coronavirus outbreak has forced Panasonic to close many plants…
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