Hitachi Group Posts 5.45 Billion Yen Net Loss in April-December
Posted on: Friday, 3 February 2006, 12:00 CST
By Kyodo News International, Tokyo
Feb. 3--TOKYO -- Hitachi Ltd. said Friday its group net balance fell into the red in the nine-month period to Dec. 31 with a 5.45 billion yen loss chiefly because its digital media and home electric appliance section incurred a 22 billion yen operating loss.
In the corresponding nine-month period of the previous year, Hitachi posted a group net profit of 67.80 billion yen.
In an earnings report for the latest nine-month period compiled under U.S. accounting standards, Hitachi said the net loss for the period is also attributable to lower operating profits at the information and telecom equipment and the electronics device sections.
Operating profit from information and telecom equipment shrank 24 percent to 23.7 billion yen, while that from electronics devices dived 51 percent to 15.7 billion yen.
In the latest nine-month period, group pretax profit declined 31.5 percent to 141.77 billion yen.
Per-share net loss came to 1.64 yen, compared with a net profit of 20.47 yen the previous year.
Group sales for the nine-month period rose 3.4 percent to 6,672.14 billion yen.
Hitachi said the overall sales grew as sales at its electricity generation and industrial system segment grew 12 percent during the period with sales of high-functionality material for use in automobile parts and components for electronics products gaining 5 percent.
For the full year to March 31, 2006, Hitachi forecast group net and pretax profits of 20 billion yen and 220 billion yen, up from the previous business year's 51.50 billion yen and 264.51 billion yen, on projected sales of 9.22 trillion yen, up from 9.03 trillion yen.
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Source: Kyodo News International, Tokyo
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