Feb. 4 (Bloomberg) -- Panasonic Corp., the world’s largest consumer-electronics maker, will cut about 15,000 jobs and predicted its first loss in six years as the deepening recession hurts demand for televisions and cameras.

The company forecast a net loss of 380 billion yen ($4.3 billion) and a 15 percent decline in sales in the year ending March 31. Panasonic, led by President Fumio Ohtsubo, also slashed its planned dividend 33 percent to 30 yen a share.

Panasonic joins rival Sony Corp. in eliminating thousands of workers and closing factories as consumer spending slumps worldwide. The Osaka-based company today lowered its revenue forecast by 8.8 percent as falling demand and prices turn the main TV operations unprofitable this year.

“Earnings have just been atrocious all around, while the massive scale and rapidity by which profits have evaporated is surprising,” said Naoteru Teraoka, who helps oversee $21 billion at Chuo Mitsui Asset Management Co. in Tokyo. “There’s no way to make up for the harsh environment simply by restructuring.”

Demand for TVs and cameras won’t recover any earlier than the year starting April 2010, according to estimates at Credit Suisse Group AG and Daiwa Institute of Research Ltd.

Underperforming Shares

The stock gained 1 percent to close at 1,092 yen on the Tokyo Stock Exchange before the announcement. The stock lost 52 percent last year, compared with the 42 percent drop for the benchmark Nikkei 225 Stock Average.

Panasonic, which is seeking to buy Sanyo Electric Co. to become the world’s largest maker of rechargeable batteries, said today it’s behind schedule on the planned takeover. The two companies are in the process of clearing anti-monopoly laws in 11 countries, Panasonic Director Makoto Uenoyama said.

The net loss forecast includes 345 billion yen in costs to reorganize operations and a 78 billion yen charge for a decline in the value of shareholdings. Uenoyama said the job cuts will involve part-time and full-time employees, declining to specify a breakdown. Panasonic had 307,444 full-time workers at the end of last year.

Panasonic was expected to change its forecast to a 28.7 billion yen loss, based on the median of nine analyst estimates compiled by Bloomberg in the past month.

The company also plans to close 27 factories initially and more plants may be shut next fiscal year, bringing total closures to about 20 percent of Panasonic’s current factories, Uenoyama said.

Revenue Weakens

Sales will fall to 7.75 trillion yen this fiscal year on declining demand for televisions and reduced orders from the car industry for navigation and audio systems, Uenoyama said. That’s less than Panasonic’s Nov. 27 projection of 8.5 trillion yen.

Operating profit, or revenue minus the cost of goods sold and administrative expenses, may drop 88 percent to 60 billion yen, missing its earlier estimate of 340 billion yen.

The recession and price declines will erode 325 billion yen from full-year operating profit, while the stronger yen will cut 10 billion yen, Panasonic said.

Panasonic said it expects the dollar to average 90 yen and the euro 120 yen this quarter. The company had forecast 103 yen and 145 yen, respectively, for the full year.

To contact the reporter on this story: Hiroshi Suzuki in Tokyo at hsuzuki5@bloomberg.net.

Last Updated: February 4, 2009 05:17 EST