UPDATE 1-Sony, Panasonic face hits on operating profits - Nikkei

June 10 (Reuters) - Falling prices of televisions and other products are expected to depress operating profits at Sony Corp (6758.T) and Panasonic Corp (6752.T) by a total of about 1 trillion yen in the year through next March, the Nikkei business daily reported.

Sony expects operating profit to fall by about by about 450 billion yen, while Panasonic estimates the damanges at 540 billion yen this fiscal year, the paper said.

Sony has taken a number of steps to cut costs, which includes plans to axe 16,000 jobs, close 14 percent of its 57 manufacturing sites and halve the number of suppliers in the next two years. Sony plan to cut fixed costs by more than 300 billion yen. [ID:nBNG398847]

Panasonic also has taken similiar measures and said it plans to close close 40 manufacturing sites in the two-year period and cut 15,000 jobs. [ID:nT317165]

Sharp Corp (6753.T) has not issued an specific forecasts, but President Mikio Katayama says that lower prices will keep the TV business in the red, the paper said. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Jarshad Kakkrakandy)