Hitachi Ltd. announced Tuesday that it posted a group net profit of 1.3 billion yen in the October-December quarter — in stark contrast to a net loss of 115.8 billion yen a year earlier — due to reduced costs and solid sales growth.
The consolidated pretax account also showed a profit of 6.8 billion yen on sales of 1.92 trillion yen, up 5 percent from a year earlier, under U.S. accounting standards.
The figures compared with a loss of 157.9 billion yen on sales of 1.83 trillion yen a year earlier.
The high-tech company left unchanged the group’s projections for the current fiscal year, through March 31, at the figures calculated in October.
Those predictions are a net profit of 36 billion yen, compared with a loss of 483.84 billion yen in the previous fiscal year, and a pretax profit of 130 billion yen, against a loss of 586.07 billion yen.
Sales are projected at 8.05 trillion yen, up 1 percent from the previous year’s 7.99 trillion yen.
During the October-December period, Hitachi said its costs declined 3 percent from a year earlier as a result of earlier restructuring measures.
Sales grew 10 percent in the information and telecommunication system sector to 409.67 billion yen as demand for disk array subsystems and hard disk drives was strong.
Sales also increased 11 percent in electronics devices to 378.45 billion yen and 3 percent in power and industrial systems to 498.75 billion yen, it said.
Hitachi announced the same day a plan to integrate the multimedia content production operations of Hitachi Media Pro Co., in which it holds a 71 percent stake, on March 31.
“This move is intended to enhance Hitachi’s ability to provide one-stop solutions for the ubiquitous information society,” it said.
Hitachi said it wants to facilitate the provision of multimedia content for business use from a single source.
It defines a ubiquitous information society as an environment in which information in the form of data, voice and images are shared at any time, anywhere and by anybody via various information devices.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.