In a Monday report, the Nikkei newspaper has revealed that Japan-based consumer electronics manufacturer Panasonic Corp's plans to downsize of its television business in the coming three-year period, beginning with the next fiscal year, may apparently include the company's withdrawal from the plasma TV arena.

Against the backdrop of the fact that Panasonic has already been selling assets, including real estate, with the objective of strengthening its financial position, two unidentified sources - familiar with the proceedings at Panasonic - have revealed that the troubled company is struggling to end losses with flat-panel TVs.

According to the Nikkei report, Panasonic's earnings from its TV business in 2015-16 is projected to be less than half of the amount which the company earned by generating sales of over 1 trillion yen ($10.5 billion) during the peak in 2009-10.

Revealing that Panasonic is apparently planning to discontinue its plasma TV panel production at the company's main manufacturing plant in Amagaskai in western Japan around fiscal year 2014, the Nikkei report said that the company had already written off the value of production equipment at the Amagaskai plant.

Meanwhile, without making any official confirmation of the Nikkei report, a Panasonic spokesperson said: "We are considering a number of options regarding our TV business. But nothing has been decided yet."