Hitachi profit nearly triples, raises full-year forecast

GMT 10:27 2014 Wednesday ,29 October

Arab Today, arab today Hitachi profit nearly triples, raises full-year forecast

Hitachi's net profit
Tokyo - AFP

Hitachi said Wednesday its net profit for the six months to September nearly tripled to $850 million as the Japanese giant hiked its full-year earnings forecast.
The vast conglomerate said net profit soared to 91.54 billion yen ($850 million) during the first half of its fiscal year to March, up from 32.77 billion yen a year earlier, as it pointed to a strong performance in its information technology and elevator divisions.
Operating profit rose about 23 percent to 214.02 billion yen on sales of 4.50 trillion yen, up 0.6 percent, said the company which sells everything from batteries to nuclear plants.
Hitachi also revised up its annual forecast.
It now expects a net profit of 250 billion yen on sales of 9.5 trillion yen, up from a previous outlook of 230 billion yen and 9.4 trillion yen, respectively.
Demand picked up for IT systems, electronic devices, and so-called social infrastructure such as elevators and trains, Hitachi said.
Strong demand for elevators and escalators in China helped results, Hitachi added, but it also warned that demand some parts of the world could be shaky.
"In terms of the overall global business environment going forward, the US economy will likely keep a steady recovery path while the global economy as a whole faces uncertainties," it said in a statement.
"Risks pertaining to the European economy such as financial instability in southern Europe and the Ukraine crisis, a slowing growth in the Chinese economy, and geopolitical risks in the Middle East" may weigh on results.
Hitachi shares closed up 0.83 percent at 804.5 yen in Tokyo. Its results were published after markets closed.


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