Hitachi reports falling profits

Hitachi reports falling profits

Hitachi Ltd. has posted its last quarter revenue figures and has posted a 79.4 percent slide in quarterly net profit. The company is suffering with a loss making hard disk drive operations. However, they are maintaining their full-year outlook that exceeds market expectations.

Hitachi however somewhat benefited from their plasma display business where they compete with bigger players in the market like Matsushita Electric Industrial and LG. Hitachi Senior Vice President Takashi Miyoshi however was optimistic in his statement: “Thanks to the launches of new plasma TV models and a new advertising campaign, our market share sharply recovered in Japan.”

He added: “But for overseas markets, there are a lot of areas we need to work on such as the speed and efficiency of the business”. Hitachi is maintaining its net profit forecast of 20 billion yen, which is much lower than last year’s figures of 51.5 billion. The market expects them to make around 18.1 billion yen, which is pretty close to the company’s own expectations for the year.