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Hitachi Posts Q3 Loss, Lower Sales

2/03/2009 09:58:00 AM Eastern

Tokyo — Hitachi reported a $4.1 billion corporate loss in its fiscal third quarter and a 16 percent drop in revenue.

Hitachi also restated that it expects to post its largest-ever annual loss of 700 billion yen, or $7.1 billion, and an 11 percent drop in revenues for the year ending March 31.

In its digital media and consumer products unit, sales were down 25 percent during the quarter to $3.4 billion, and an operating loss of $177 million was approximately $12 million more than last year’s third quarter.

The quarterly loss was due to decreased sales and lower prices and came despite a smaller loss in the flat-panel TV business due to the benefits of business structural reform initiatives, the company said.

Lower revenues reflected the impact of the reduction of flat-panel TV sales overseas, as well as lower sales of optical disc drives and other digital media products, Hitachi said.