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In its earnings reports for the first half of fiscal 2009, Hitachi said it booked an operating loss of 24.76 billion yen on sales of 4.12 trillion yen, down 22.3 percent.
In the same period last year, Hitachi posted a group operating profit of 197.08 billion yen on sales of 5.31 trillion yen.
In its revised projections for the current business year through next March, released Monday, the company is expecting a group net loss of 230 billion yen and an operating profit of 80 billion yen on sales of 8.7 trillion yen.
Takashi Miyoshi, Hitachi's executive vice president, said at a news conference, "Thanks to various countries' economic stimulus measures and inventory adjustments, signs of improvement were seen in our auto, electronics and consumer products operations." Reeling from its worst net loss in the business year ended in March, Hitachi, a comprehensive manufacturer of electrical machinery with businesses ranging from home appliances, computers and semiconductors to trains and nuclear power, has been making efforts to return to profitability through leaner operations and by taking full control of operations with potential growth such as information technology and social infrastructure.
In May, Hitachi reported its worst ever group net loss of 787.34 billion yen for fiscal 2008 amid slumping demand for its flat-panel televisions and a stronger yen on the back of deteriorating global economic conditions.
Miyoshi said the situation "remains severe since capital spending is extremely tight and consumption is still not picking up." When capital spending will recover and how Hitachi's electronic device and auto product businesses will fare in the January-March period will be key to the company's earnings performance, he said.
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