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JAPAN'S M'SHITA SUFFERS 1ST EVER QTR GROUP OPERATING LOSS.
OSAKA, Aug 1 Asia Pulse - Matsushita Electric Industrial Co. (TSE:6752) announced Tuesday a group operating loss of 38.7 billion yen (US$309.68 million) for the first quarter ended June, the first since it began disclosing quarterly results in 1971.
The loss is blamed on the global slump in the information technology sector and floundering private sector capital investment, which have depressed demand for telecommunications equipment and electronic parts.
The leading electronics manufacturer posted group operating profit of 21.2 billion yen for the same period last year.
Matsushita also announced a 100 billion yen cut in fiscal 2001 group capital investment to 320 billion yen and a 100 billion yen reduction in material procurement costs to 300 billion yen. Staff numbers are to be trimmed through an early retirement program.
Group revenue decreased 6 per cent on the year to 1.67 trillion yen. Sales of portable phones, hard disk drives and other products in strong demand until the previous year have shrunk substantially.
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