Panasonic Corp. forecast full-year profit will tumble 59 percent this fiscal year after the March 11 earthquake disrupted factories and suppliers.
Net income will probably drop to ¥30 billion in the year to March 2012, the Osaka-based company said in a statement Monday. That compares with the ¥35.4 billion average of eight analysts' estimates compiled by Bloomberg over the past four weeks.
The nation's biggest home appliance maker is facing shortages of components even after reopening seven factories that had been closed following the megaquake, President Fumio Ohtsubo said last month. Reductions in power supply have added to concerns about the company's operations, he said.
Supply-chain issues "will likely affect Panasonic's output until about September," Kazuharu Miura, a senior analyst at SMBC Nikko Securities Inc., said before the announcement. Sales of low-emission appliances and solar panels may help the company this year, while TV operations will likely continue losing money because of lower prices, he said.
Sales will probably rise 0.1 percent to ¥8.7 trillion during the 12 months starting last April 1, the company said. Operating income, or sales minus the cost of goods sold and administrative expenses, may slide 12 percent to ¥270 billion.