Hitachi forecasts smaller group net loss for FY 2009

Mon. October 26, 2009; Posted: 12:15 PM

TOKYO, Oct 26, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) -- HIT | Quote | Chart | News | PowerRating -- Japanese electronics giant Hitachi Ltd. said Monday it now expects a narrower group net loss for fiscal 2009 through next March thanks to the impact of economic stimulus measures worldwide as well as the economic recovery of China and other emerging countries.

Hitachi now sees a group net loss of 230 billion yen for the current business year, compared with its previously forecast net loss of 270 billion yen.

The group also forecasts its operating profit to be 80 billion yen against 30 billion yen projected in May when it reported its earnings for fiscal 2008.

Despite signs of gradual economic recovery, Hitachi's sales will decrease to 8.7 trillion yen, compared to the previous projection of 8.9 trillion yen, due to the delayed recovery of corporate investment, the company said.

Hitachi, which will release its earnings report for the April-September first half of the current fiscal year on Thursday, also revised its projection for the six months upward to a net loss of 134 billion yen and an operating loss of 25 billion yen on sales of 4.12 trillion yen.

In May, the company projected a net loss of 210 billion and an operating loss of 110 billion on sales of 4.10 trillion yen.

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For full details on Hitachi Ltd. ADS (HIT) click here. Hitachi Ltd. ADS (HIT) has Short Term PowerRatings of 5. Details on Hitachi Ltd. ADS (HIT) Short Term PowerRatings is available at This Link.

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