Hitachi CE Unit Reports Lower Sales, Loss

By Steve Smith -- TWICE, 2/2/2012

Tokyo - Hitachi's digital media and consumer products segment reported lower sales and an operating loss in its fiscal third quarter, ended Dec. 31, 2011.

Revenues were down 22 percent to 194.6 billion yen, or $2.49 billion, and the operating loss was 4.7 billion yen, or $60 million, a change of 14.6 billion yen from operating income in the corresponding period of the previous year, according to Hitachi.

Sales in the segment were down mainly due to falling prices for optical-disk-drive products, as well as lower demand and prices for flat-panel TVs, the company said.

The operating loss was also blamed on falling sales of flat-panel TVs and the impact of the flooding in Thailand, Hitachi said.

Overall company revenues were flat at 2,264.9 billion yen, or $29 billion, with net income down 33.9 billion yen from the prior year's fiscal third quarter to 46.4 billion yen, or $595 billion.