Japan's Hitachi looks to future after wobbly year

Japanese high-tech firm Hitachi said Thursday its operating profit fell in the year to March due to the earthquake and tsunami disaster at home and Thai floods, but it expected growth this year.

Hitachi said its group operating profit fell 7.3 percent from a year earlier to 412.28 billion yen ($5.17 billion) in the last fiscal year, blaming lower revenue from digital devices, the March 2011 disaster and floods in Thailand.

Profits also took a beating due to additional costs for its overseas power generation business, it said. Total revenue rose 3.8 percent to 9.67 trillion yen.

Net profit shot up 45.3 percent to 347.18 billion yen, hitting a record high for the second consecutive year.

The sharp rise stemmed largely from one-time gains from the sale of its hard disk drive business.

Hitachi, whose products range from microchips to railways, has been shifting its business focus to large-scale infrastructure projects.

Its results contrast sharply with heavy losses at many Japanese consumer electronics firms, hurt by the impact of the strong yen and punishing price competition in flat-panel televisions.

Hitachi expects its operating profit to rise 16.4 percent to 480 billion yen in the current year to March 2013, despite a 5.9 percent drop in revenue to 9.1 trillion yen. It forecast net profit to fall 42.4 percent to 200 billion yen.

-- Dow Jones Newswires contributed to this article --

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • China ignores global outcry vs reclamation
    China ignores global outcry vs reclamation

    On Wednesday, G-7 foreign ministers issued a Declaration on Maritime Security expressing alarm over “unilateral actions, such as large scale land reclamation, which change the status quo and increase tensions” in the region. In their communiqué, which did not specifically mention China, the ministers expressed belief that reclamation activities were meant to “change the status quo” in the West Philippine Sea and South China Sea, through which 40 percent of global trade passes. …

  • Project NOAH exec receives recognition
    Project NOAH exec receives recognition

    Project NOAH executive director and University of the Philippines professor Mahar Lagmay recently received recognition from the European Geosciences Union (EGU) for his work in disaster risk reduction and mitigation in the Philippines. …

  • Nightclub ban for US troops
    Nightclub ban for US troops

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said yesterday, with the trial under way of a US Marine accused of murdering a transgender Filipino he met in a bar. Thousands of American and Filipino soldiers will kick off tomorrow the 10-day annual military exercises, according to Capt. Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

  • US-Phl war games to start under China’s shadow
    US-Phl war games to start under China’s shadow

    Thousands of American and Filipino soldiers will kick off tomorrow expanded wargames, showcasing a deepening  defense alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China’s increasing forcefulness in its bid …

  • Palace defends legal tack in sea row
    Palace defends legal tack in sea row

    There is nothing weak about taking the legal and diplomatic approach to push for the country’s claims in the disputed West Philippine Sea, Malacañang maintained yesterday. On Friday, Bayan Muna Rep. Neri Colmenares led a rally in front of the Chinese consulate in Makati City to protest China’s massive reclamation activities in the Spratly island group to fortify its presence in the disputed waters. Colmenares also criticized the Philippine government for supposedly not doing enough to defend …

  • Veloso sons urge authorities to save mother from death
    Veloso sons urge authorities to save mother from death

    The sons of Mary Jane Veloso, who is facing execution in Indonesia for drug smuggling, yesterday appealed to government officials to do everything to spare their mother from death. “We love you,” Mark Daniel, 12, said when asked for a message for his mother following a press conference at the University of the Philippines in Diliman, Quezon City. Mark Daniel, an incoming Grade 8 student, reiterated his appeal to those in power to help save his mother from death. His younger brother, …

  • US-Philippines wargames to start under China's shadow
    US-Philippines wargames to start under China's shadow

    Thousands of American and Filipino soldiers on Monday will kick off expanded wargames, showcasing a deepening defence alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China's increasing forcefulness in its bid …

  • Bar ban for US troops in Philippines amid murder trial
    Bar ban for US troops in Philippines amid murder trial

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said Saturday, with the trial under way of a US Marine accused of murdering a transgender Filipina he met in a bar. Thousands of American and Filipino soldiers will on Monday kick off 10-day annual military excercises, according to Captain Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options