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Hitachi Reports Lower Q3 Sales, Net Loss

10/29/2009 01:47:02 PM Eastern

Tokyo - Hitachi reported a 19 percent drop in corporate revenues and a net loss for its second quarter ended Sept. 30.

Hitachi's revenues were $24.8 billion down 19 percent compared with last year and its net loss was $535 million, or 48 billion yen, a decrease into a loss of 48 billion yen.

In its digital media and consumer products operation revenues dropped 23 percent to $3.09 billion year over year. Operating income for the quarter was $48 million, or 4.2 billion yen, a 17 billion yen improvement from last year. There was a narrower loss in the flat panel TV business resulting from the switch to procuring plasma panels from outside the company, reducing overseas sales and other actions, the company said.

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