Panasonic Corp. said Thursday it expects its group net profit to fall 29.6 percent to ¥200 billion ($1.82 billion) for the current fiscal year, which ends next March, dragged down by sluggish sales in China and hefty investment in the auto battery segment.
Group sales are projected to slip 1.3 percent to ¥7.90 trillion, as demand for electronic parts and industrial components is expected to remain slow in China amid the country's heightening trade friction with the United States.
It is uncertain how big an impact additional U.S. tariffs on imports from China will have on its customers, Panasonic Chief Financial Officer Hirokazu Umeda said at a news conference.