Panasonic reports loss of $4 billion

Panasonic -- formerly Matsushita Electric -- said sales fell 14 percent in the fiscal year that ended March 31, CNN reported Friday.

The firm lost about $3 billion more than analysts had expected. But losses are not unprecedented among Japanese firms that rely heavily on exports.

Sony said it lost $1 billion last year, its first annual loss in 14 years.

Toyota Motors said last week it expected to lose $5.5 billion over the fiscal year, the Detroit Free Press reported. Hitachi said it lost $8 billion in the fiscal year with revenues down 11 percent, CNN reported.

NEC Corp. lost $3 billion in the past fiscal year. Nissan posted a loss of $2.3 billion.

Copyright 2009 by United Press International.