( CNN ) -- Japanese electronics company Panasonic has plunged from profit to a record annual loss of 772.2 billion yen ( $ 9.68 billion ) , prompting its shares to fall to a 30-year low . The company blamed the annual loss on a number of factors including a drop in domestic demand due to electricity shortages in the aftermath of the Japan earthquake and tsunami in March 2011 . The global economic downturn also knocked sales of Panasonic products including flat-screen televisions and digital cameras , which came under `` intense price competition , '' the company said . The higher yen also bit into export income . Panasonic 's poor performance follows record annual losses for rival Sony . On Thursday , Sony announced its worst ever annual loss of $ 5.7 billion in the fiscal year ending March . However , it was lower than beleaguered electronics giant 's previous estimates of finishing the year $ 6.4 billion in the red . Both companies have struggled with ailing television manufacturing divisions , which have lost to lower cost rivals like Samsung and LG , and are hampered by a rising yen which has cut repatriated profits from overseas sales . Sony 's television division has lost money for the past eight years . Panasonic has tried to steer the company away from its traditional and now sluggish revenue streams by molding itself into a green energy company . It 's part-way through a three-year program called `` Green Transformation 2012 , '' and the company said Friday there are signs it is paying off . `` With sales increases in products , such as air conditioners and refrigerators , meeting local needs in India and Brazil , and `` HIT solar cells '' by maximizing Panasonic Group sales strength in Japan , the positive results have started showing in some regions and businesses , '' Panasonic said in a statement . The restructuring should help lead the company back to profit , the company said , when it expects the ailing global economy to continue limping towards a sustainable recovery . Net income the next fiscal year is expected to reach 50 billion yen ( $ 626 million ) .
Panasonic posts annual loss of almost $ 10 billion , prompting shares to drop . Company attributed fall to drop in demand after earthquake , tsunami and higher yen . Follows record loss for rival Sony announced Thursday of $ 5.7 billion . Both companies hit by extra competition , sluggish sales of flat-screen TVs .