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Hitachi to post higher than expected sales and profits

Hitachi's group net revenue and profit for the first half of its current financial year will be higher than expected, the company...

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Hitachi's group net revenue and profit for the first half of its current financial year will be higher than expected, the company said. All sectors of the company's business improved in the first half compared to the same period a year earlier.

The company said consolidated net profit for the period from April to September will be about ¥41bn (£209m). The company's previous forecast, made in April this year, was ¥25bn and Hitachi's actual net profit in the same period a year earlier was ¥5.3bn. The new estimate represents an increase of 662% on the actual net profit of a year ago.

Hitachi said it also expects net revenues to be higher. Its new forecast is for a group net revenue of ¥4.33tr against a previous forecast of ¥4.15tr and actual revenue a year earlier of ¥4.04tr.

The company credited increased demand for digital consumer electronics products and IT-related equipment and a steady improvement in economic conditions in Japan for the upward revision.

Hitachi recorded growth in devices, materials and manufacturing equipment for IT-related equipment and digital consumer electronics products.

Hitachi is due to report actual results for the first half on 29 October.

Martyn Williams writes for IDG News Service

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