Hitachi Ltd. on Tuesday sharply revised its forecast for consolidated net profits for the 1997 business year from 89 billion yen to 20 billion yen.

Hitachi’s revision follows a series of moves by the nation’s chip makers to downsize their projections for the business year ending March 31. Like other electronics giants in Japan, Hitachi cited a sharp decline in memory prices during the current business year as well as sluggish sales of home appliances as major reasons for the shortfall in profits.

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