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Panasonic Gains After Saying It May Cut More Jobs: Tokyo Mover

May 29 (Bloomberg) -- Panasonic Corp., the Japanese TV maker that eliminated 36,000 jobs last fiscal year, rose in Tokyo trading after the company said it’s considering restructuring operations and cutting jobs.

The stock gained as much as 3.3 percent to 533 yen and traded at 526 yen as of 10:06 a.m. on the Tokyo Stock Exchange, while Japan’s benchmark Nikkei 225 Stock Average slid 0.5 percent.

Panasonic, the biggest employer among companies on the Tokyo bourse, may cut jobs at its headquarters after streamlining operations at production units, Yuko Hosaka, a Tokyo-based spokeswoman, said today. The Osaka-based company said last year it was closing down display plants and trimming the number of workers at its unprofitable semiconductor unit.

The stock sank to its lowest level in 34 years on May 11, when the company forecast a profit that missed analyst estimates. Net income will probably total 50 billion yen ($629 million) in the year started April 1, from a record loss of 772 billion yen in the previous year, the company said that day.

The projection missed the 106 billion yen average of 18 analyst estimates compiled by Bloomberg.

In February, the maker of Viera TVs and Lumix cameras joined rival Sony Corp. in nominating a younger leader amid worsening earnings as the electronics makers struggle to turn around TV operations and cope with the stronger yen.

Panasonic is promoting Kazuhiro Tsuga, its 55-year-old chief of audiovisual products, to replace President Fumio Ohtsubo, 66, as the company tries to speed up reforms. The change is set to take place after getting shareholder approval at the June 27 general meeting.

To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net

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