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Hitachi Reports Improved Sales, Operating Income

8/01/2007 10:34:00 AM Eastern

Tokyo – Hitachi reported a narrower net loss, but higher revenues and operating income corporately in its fiscal first quarter ended June 30.

Overall revenues grew in the quarter compared to the same time last year by 10 percent to $20.1 billion, with operating income increasing 43 percent to $200 million. The net loss was $111 million which was approximately one-third lower than the first quarter of last year.

In digital media and consumer products, revenues were down 2 percent to $2.94 billion despite growth in sales of washing machines, room air and commercial-use air conditioners. The lower overall segment revenues reflected soft sales of flat-panel TVs, mainly from North America, the company said.

The unit had an operating loss of $183 million, a little less than one-third more than the previous year’s first quarter, due to the impact of soft flat-panel sales.

In its outlook for its fiscal first half, Hitachi expects the U.S. economy to rise. With flat-panel TV and other businesses where there are, regarding profitability issues, the company said it implementing moves to improve its development capabilities, cost competitiveness, marketing activities and other areas of operation to improve its profit performance.

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