Tokyo  - Japanese electronics giant Panasonic Corp is likely to report its first annual net loss in six years, the business daily Nikkei said Wednesday.

The Osaka-based electronics company is expected to post a net loss of 100 billion yen (1.12 billion dollars), triggered by rising restructuring costs, a price slump in electronics and the yen gaining ground against the dollar.

Panasonic had to revise its earnings forecast for the business year ending March down several times from the originally predicted net profits of 310 billon yen.

Last year, Panasonic, which only recently changed its name from Matsushita Electric Industrial Co posted record earnings of 280 billon yen, but had to cut earnings forecasts in November to 30 billion yen.

The company also planned to close down two plants in Malaysia and one in the Philippines, the Nikkei reported.

Panasonic is to release its quarterly earnings on February 4.

Main Japanese rival Sony Corp recently forecast going into the red for the first time in 14 years in the current fiscal year. (dpa)