Hit hard by the stronger yen and weakening demand amid recession, Panasonic - the world's largest maker of plasma TVs - has forecast a 380 billion yen net loss for the financial year to 31 March; and intends 15,000 layoffs.

The projected loss in the current business year will be the Panasonic's first loss in six years.

Panasonic, which was earlier called Matsushita Electric Industrial, reported that the fourth-quarter sales "fell dramatically" by 20 percent - as compared to the year-before figures - to 1.88 trillion yen, implying a net loss of 63.1 billion yen.

The announced layoffs comprise nearly 5 percent of Panasonic's workforce and will be executed till 2010 March-end. One-half of the cuts would be in Japan and the other half would take place overseas.

Additionally, in order to cut costs, the Japanese electronics giant is also planning the closure of 27 plants globally, including 13 plants in Japan alone.

Along with the stronger yen and slumping demand, Panasonic cited increased price competition and mounting raw material prices as other reasons for the drastic turnaround in the company's performance.

Addressing a news conference, Panasonic director Makoto Uenoyama said: "Sales fell in all our business segments. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment."