Hitachi Operating Profit to Hit 11-Year Low

Economy

Tokyo, May 29 (Jiji Press)--Hitachi Ltd. <6501> said Friday that it expects its group operating profit to hit an 11-year low in the year ending in March 2021 due chiefly to the fallout from the coronavirus pandemic.

The Japanese electronics and heavy machinery maker said that it believes demand will shrink globally for a wide range of products and services, including industrial equipment.

Hitachi expects its operating profit to decline 43.8 pct from the previous year to 372 billion yen, the lowest level since 202.1 billion yen marked in the year ended in March 2010, when it logged a net loss for the fourth straight year.

The COVID-19 pandemic is seen pushing down Hitachi's operating profit by 301 billion yen, according to the company.

Sales are forecast to fall 19.2 pct to 7.08 trillion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press