Hitachi, Japan's biggest electronics maker, has reported a surprise quarterly net profit after it cut costs, and raised its forecast
By Ian Armitage
Hitachi reported a net profit of 21.9 billion yen in its fiscal third quarter, up from last year’s loss of 371.1 billion yen, and lifted its outlook to a net loss of 210 billion yen, from a previous forecast of a loss of 230 billion yen for the year to March.
“During the third quarter of fiscal 2009, the world economy maintained a recovery course, albeit a modest one, from the previous quarter, in part due to the bolstering effect of economic stimulus measures,” Hitachi said.
It added that U.S. and European economies remained lacklustre during the quarter.
However, in Japan, the economy continued to recover, with Chinese exports improving.
Hitachi was forced to raise funds to shore up its depleted capital in December and is now looking to trim units whose losses are eroding profits made in metals, cables and construction machinery.
It hopes to shift focus to its batteries, power systems and infrastructure businesses.
The company also announced that its Executive Vice President Hiroaki Nakanishi (pictured) would replace its current President Takashi Kawamura as President.
Edited by Ellie Duncan
SOURCE: www.hitachi.com