Hitachi's April-Dec. Net Profit Down 30 Pct

Economy

Tokyo, Jan. 31 (Jiji Press)--Japanese electronics and machinery giant Hitachi Ltd. <6501> said Friday that its consolidated net profit in April-December last year dropped 33.3 pct from a year before to 55,146 million yen.

The lower profit reflected declines in sales at major subsidiaries, such as Hitachi Metals Ltd. <5486> and Hitachi Construction Machinery Co. <6305>, as well as the sale of its automotive system business.

In addition, Hitachi booked as a loss settlement money paid to Mitsubishi Heavy Industries Ltd. <7011> over a thermal power generation project in South Africa.

Hitachi's group sales in the first three quarters of fiscal 2019 fell 6.5 pct to 6,344,181 million yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press