Panasonic slashes profit estimate, feels pinch of strong yen

Japanese electronics company Panasonic Corp. has cut its forecast for net profit for this fiscal year, citing the impact of a strong currency and weaker earnings from sales of its solar energy systems for home use.

The company said Monday that it expects 120 billion yen ($1.1 billion) in net profit in the year that ends March 31. Its earlier forecast was for 145 billion yen in net profit.

It cut its sales forecast for the current fiscal year to 7.2 trillion yen ($68.9 billion) from 7.6 trillion yen.

Panasonic said its net profit rose 7.7 percent over a year earlier in the April-September six-month period to 119.9 billion yen. The company's sales fell 7 percent to 3.5 trillion yen ($33.4 billion).