Electronics giant, Panasonic has said on Friday that it has recorded a net loss of 754.25 billion yen or $7.5 billion during the financial year till March, 2013.

The company had recorded a disappointing net loss of 772.17 billion yen in the previous financial year. It is the one of the worst financial performance recorded by the Japanese company ever.

Panasonic said that the electronics industry in Japan is facing a slowdown due to low demand for flat-panel TVs.

The company said that the operating profit rose 268 per cent to 160.94 billion yen as Panasonic focused on reducing its costs and implemented reform programmes. The company said that its sales fell 6.9 per cent to 7.3 trillion yen during the financial year. It also recorded 508 billion yen as a business restructuring expense during the accounting period.

Panasonic is facing difficult market conditions in its television business as foreign companies are increasing competing with domestic firms. The company has also seen its debt rise in recent times due to acquisition of Sanyo.

The company has affirmed that it will return to profit during the financial year till March, 2014. The company is aiming to generate a net profit of 50 billion yen and increase operating profit to 250 billion yen.