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Fujitsu General Australia, who earlier this year lost their #1 status in the air conditioning market to Panasonic, have reported a massive slump in sales resulting in the Company reporting a loss of $2.7M for the 2011 financial year.
Sales of their air conditioning units which are heavily promoted by former Australian test captain Mark Taylor have slumped from $266M in 2010, to $211 in 2011 a downturn of $55M.
In 2010 the Company had profits of $6.1M
According to Fujitsu General Staff who contacted ChannelNews earlier this week, following our recent story on the Company, conditions in the retail air conditioning market are “tough”. (See story here).
Earlier this week we revealed that Fujitsu General in Australia is banking on a new range of slim air conditioners to lift their flagging fortunes which have been impacted by changing weather conditions in Australia.
Under intense pressure from competitors such as Panasonic, the Company is set to come under further pressure as Companies like Mitsubishi look to expand their share of the Australian market.
Also set to expand their air conditioning presence in Australia is LG who are set to launch new resident models in time for summer.
According to Fujitsu General financial statements seen by ChannelNews, the local subsidiary has borrowings of $43M which are secured by $63M dollars worth of assets. Advertising expenditure was cut from $11.29 Million in 2011 to $10.57 Million in 2011.
National marketing manager of Fujitsu General Milton Kaloudis did not respond to our emails asking for a comment on the Company’s performance during the past year.
