Tokyo - Panasonic Corp on Thursday cut its earnings forecast for the current fiscal year on the yen's rise and a slowdown in consumption.

The Japanese home electronics company reduced its forecast net profit for the year that ends March 31 by 90.3 per cent to 30 billion yen (315 million dollars).

It expected operating profit to fall 39.3 per cent to 340 billion yen and sales to decline 7.6 per cent to 8.5 trillion yen.

Panasonic had maintained its initial earnings forecast in October when it reported its profits for the first six months of the year.

But now it said it expects net profit for the full year to fall 89 per cent from last year, operating profit to drop 35 per cent and sales to dip 6 per cent. (dpa)