Panasonic Corp. on Monday fell for a third day to its lowest level in 37 years after widening its loss estimate on restructuring costs and falling demand.
Japan’s second-largest TV maker fell 5.6 percent to ¥388 in Tokyo trading. That’s the lowest since February 1975, the year the Betamax video recorder was introduced. The stock has declined 41 percent this year, the ninth-largest drop among companies in the Nikkei 225 stock average.
The company, founded in 1918, predicted a net loss of ¥765 billion in the year ending March 31, scrapping its May projection of ¥50 billion in profit, it said last Wednesday.
The forecast prompted Panasonic to say it won’t pay a dividend for the first time since 1950 because of an “urgent need” to improve its financial position.
“It’s difficult to see much hope,” said Amir Anvarzadeh, Singapore-based manager for Asia equity sales at BGC Partners Inc., “Panasonic has no notable edge in audio and video.”
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