Matsushita Electric Industrial Co. said Monday it posted a group net loss of 19.45 billion yen for fiscal 2002, the second straight year its ink has run red.
The firm, which suffered a record 427.78 billion yen net loss in fiscal 2001, said it managed to return to profitability on a group operating basis, thanks to brisk sales of plasma-display TVs and cost-cutting.
The group net loss was narrower than a company forecast issued earlier this month, when the Osaka-based firm warned that it was forced to book a 64 billion yen charge to reflect the declining value of its shareholdings and a change in the corporate tax scheme.