Hitachi Ltd. said Friday that it will abolish 14,700 jobs, or 4.5 percent of its 324,000-strong group workforce, by the end of March to help turn around declining earnings amid the slump in the information technology sector.

The major electrical machinery maker also said it has revised downward its group earnings forecast for the current business year through March 31. It projects a net loss of 140 billion yen against the net profit of 90 billion yen anticipated in April.

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