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Hitachi Reports FY Deeper Loss, Lower Sales

5/12/2009 10:49:00 AM Eastern

Tokyo — Hitachi reported a deeper loss and lower revenues for the fiscal year, ended March 31.

Hitachi’s net loss for the fiscal year was $8.03 billion, or 787.33 billion yen. The prior year’s net loss was 58.1 billion yen. Consolidated revenues were $102 billion, down 11 percent year over year with its digital media and consumer products business being one of the operations taking a hit. Operating income was down 63 percent to $1.29 billion.

Hitachi blamed its performance on the worldwide recession, but commented in its statement, “China and emerging economies generally posted strong growth in comparison to industrialized nations.”

In its digital media and consumer products unit, revenues declined 16 percent to $12.9 billion and its operating loss year on year was $1.08 billion, or 105.5 billion yen, a 4.3 billion yen improvement over the previous year, Hitachi said.

Lower sales in the business unit reflected lower sales volumes for flat-panel TVs overseas as part of business structural reforms, as well as lower sales of optical disc drives and other digital media products and room air conditioners due to the sudden drop-off in demand from October 2008.

Hitachi said the exchange rate of 98 yen to the U.S. dollar was used in its report.