Tokyo, July 31, 2008 (Jiji Press) - Hitachi Ltd. <6501> said Thursday its group operating profit for April-June tripled from a year before thanks to the recovery of its hard disk drive and flat-panel television operations.
The major Japanese electronics maker's operating profit came to 77,693 million yen, up 216.6 pct, on sales of 2,543,495 million yen, up 2.7 pct.
The company regained profitability on a net basis with a profit of 31,557 million yen, against a year-before loss of 13,618 million yen.
But the company kept unchanged its group earnings estimates for the April-September fiscal first half and the full year to March 2009, citing the possible adverse effects of surging material costs.
Hitachi's information and communications system division logged a profit of 23.5 billion yen, reversing a loss of 8.3 billion yen, as the HDD business posted a profit and demand for systems from financial institutions were strong.
The power and industrial systems division generated a profit of 26.2 billion yen, up from 24.4 billion yen.
The consumer electronics products business narrowed its loss to 13.8 billion yen from 22.4 billion yen after cost cutting in its flat-panel TV business paid off.
Senior Vice President Toyoaki Nakamura said at a press conference that surging material costs will have an impact on the company's earnings in October-March and beyond.
Annual increase in material costs will rise to 60 billion yen from the initially projected 40billion yen, he added.
The company's earnings are based on U.S. accounting standards.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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