Panasonic to abandon 10 trillion yen target

TOKYO: Japanese electronics maker Panasonic Corp will scrap its 10 trillion yen (USD 88.93 billion) group sales

target for fiscal year ending March 2019 due to a cooling global business environment, the Nikkei reported. The company is now targeting sales of about nine trillion yen, but has not set a target date yet, the Japanese business daily reported. Panasonic will also split its operations into two businesses and assign a sales target for each, according to the report. The consumer products segment - which includes the auto-motive, residential and white goods divisions - has been set a target of sixtrillion yen in annual sales, while its business-to-business segment will have an annual sales target of 3 trillion yen, the Nikkei reported. Panasonic had in February cut its full-year sales target to 7.55 trillion yen from eight trillion yen, citing concerns over slowing economic growth in China.