Japanese electronics maker Panasonic Corp will scrap its 10 trillion yen ($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 9 trillion yen, but hasn’t 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 automotive, residential and white goods divisions – has been set a target of 6 trillion 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 8 trillion yen, citing concerns over slowing economic growth in China.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)