HITACHI Q1 profit rises 21%

Hitachi Ltd, Japan's largest industrial electronics maker, reported a better-than-expected quarterly operating profit as its core infrastructure business remained strong despite the euro zone crisis and the economic slowdown in China.

 

Hitachi reported an operating profit of 63.6 billion yen (US$808.85 million) in the April-to-June quarter, up from 52.4 billion yen in the same period last year when Japanese corporate earnings were battered by the March 11 earthquake and tsunami.

 

The results topped the average forecast of 59.5 billion yen estimated by four analysts polled by Thomson Reuters I/B/E/S.

 

Hitachi kept its annual forecast for a 480 billion-yen operating profit for the year ending March 2013, below the average estimate of 500.6 billion yen in a poll of 22 analysts surveyed by Thomson Reuters I/B/E/S. (US$1 = 78.6300 yen)

Sources: Reuters

Editor: DailyWeeks