Reversing an earlier projection of a ¥30 billion profit, Panasonic Corp. said Monday it expects to post a group net loss of ¥420 billion for the current business year ending next March.

The consumer electronics giant blamed intensifying competition, the higher yen and mounting fees to restructure its TV business. It would be the second biggest loss after fiscal 2001.

For the fiscal year, Panasonic also projects a group operating profit of ¥130 billion, down 57.4 percent from a year ago, and group sales of ¥8.3 trillion, down 4.5 percent from fiscal 2010.