Hitachi logs record net profit in FY2020 on IT-related sales

Economy

Hitachi Ltd. said Wednesday its group net profit in the year ended March jumped nearly sixfold from a year earlier to a record 501.61 billion yen ($4.6 billion) due to robust demand for IT-related services and cost-cutting efforts. The outcome beat its earnings projection released in February for a net profit of 370 billion yen. The Japanese industrial conglomerate posted a group operating profit of 495.18 billion yen, down 25.2 percent, on sales of 8.73 trillion yen, down 0.4 percent. Hitachi projects that its net profit will rise 9.6 percent to 550 billion yen in the year ending March 2022.

Kyodo News

Kyodo News