Panasonic's plasma TV sets are displayed at an electronics shop in Tokyo
Panasonic's plasma TV sets are displayed at an electronics shop in Tokyo October 20, 2011. REUTERS

Japanese electronics maker Panasonic Corp slashed its annual outlook to a 420 billion yen ($5.5 billion) net loss on Monday, hit by restructuring costs and sluggish economies in the United States and Europe.

That compares with the company's previous forecast for a net profit of 30 billion yen in the year to March 2012 and last year's net profit of 74 billion yen.

In the July-September quarter, the company earned an operating profit of 42 billion yen, beating its own forecast of a 4.4 billion yen profit, but falling short of analysts' consensus of 50 billion yen. A year earlier, it earned an operating profit of 85.2 billion yen.

The maker of Viera televisions and Lumix cameras cut its full-year operating profit forecast to 130 billion yen from 270 billion yen. That compares with market expectations of a 225 billion yen profit, based on the average estimate of 21 analysts polled by Thomson Reuters I/B/E/S.

Panasonic President Fumio Ohtsubo is set to brief on the company's growth strategy at 0800 GMT, at which he is expected to announce details of a broad restructuring, aimed at cutting costs and stripping out overlapping businesses following the buyout of subsidiary Sanyo. ($1 = 75.760 Japanese Yen)

(Reporting by Isabel Reynolds; Editing by Vinu Pilakkott and Chris Gallagher)