The Panasonic Corp of Japan stated on Thursday that it is expecting operating profit tp drop 48.9 percent in this financial year, as the coronavirus or COVID-19 pandemic hits the wide-ranging businesses from home appliances to automotive batteries.
A leading supplier of battery cells to Tesla Inc, Panasonic forecast operating profit of 150 billion yen ($1.4 billion) for the year through March 2021, down from 293.75 billion yen last year. The forecast is lower than the 196.04 billion yen average of 18 analyst estimates compiled by Refinitiv Eikon.
The deadly virus outbreak has created a major stir in recent times infecting more than 17 million people globally and claiming the lives of over 667,000 people worldwide in more than 170 countries.
Scientists around the world are currently working to find a cure for the deadly novel virus that is presently spreading like wildfire. The US is the worst affected nation due to the virus followed by Brazil and India.
(With agency inputs)