Hitachi Sees 1st April-Dec. Net Profit Decline in 6 Years

Economy

Tokyo, Feb.1 (Jiji Press)--Hitachi Ltd. <6501> on Friday said its consolidated net profit for April-December last year declined for the first time in six years for the nine-month period.

The profit dived 68.0 pct from a year before to 82,627 million yen, dragged down by an impairment loss of 277.2 billion yen due to a halt to its nuclear power plant project in Britain.

Meanwhile, Hitachi enjoyed a record operating profit thanks chiefly to brisk railway business.

Hitachi also said it will promote Senior Vice President Alistair Dormer to executive vice president in an appointment aimed at boosting its global competitiveness.

Dormer, from Britain, is currently responsible for railway systems business. He will become Hitachi's first foreign senior vice president on April 1.

[Copyright The Jiji Press, Ltd.]

Jiji Press