Hitachi Suspends N-Plant Project in Britain

Economy

Tokyo, Jan. 17 (Jiji Press)--The board of Hitachi Ltd. <6501> approved plans on Thursday to suspend a project to build a nuclear power plant in Britain.

The move by the Japanese heavy machinery maker is designed to prevent further losses as it was unable to receive financial assistance for the project amid concerns over its profitability.

Hitachi will book around 300 billion yen in special losses for the business year ending in March. The company cut its consolidated net profit forecast for the year from 400 billion yen to 100 billion yen.

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