| Hitachi 1H net loss narrows, company forecasts profit for full-year |
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| Thursday, 01 November 2007 | |
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TOKYO (AP) -- Japanese electronics company Hitachi Ltd. said Wednesday its group net loss narrowed in the six months through September as the company's information and telecommunications systems businesses improved. Hitachi lost 13.06 billion yen (US$113.94 million) in the six months through September, compared with a loss of 78.09 billion yen a year ago. Group sales rose 11 percent to 5.28 trillion yen (US$4.61 billion), up from 4.77 trillion yen a year ago, the company said. Hitachi -- whose businesses span nuclear power reactors, flat-panel TVs, washing machines and electronic devices such as hard disk drives -- has been losing money, and is struggling to turn itself around. Last week, the Tokyo-based company reduced its loss estimate for the April-September period to 13.5 billion yen (US$117.78 million) from 35 billion yen. Hitachi left unchanged its forecast of 40 billion yen (US$348.97 million) in profit for the full fiscal year, on sales of 10.5 trillion (US$91.6 billion). Hitachi's earnings results are based on U.S. accounting standards. It did not provide quarterly results.
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