Hitachi Quarterly Profit Soars 31 Percent on Cost Cutting

Hitachi Quarterly Profit Soars 31 Percent on Cost Cutting
Advertisement

Japan's Hitachi said Wednesday its net profit surged 31.3 percent in the April-June quarter, aided by a sharp drop in the yen, cost cuts and strong results in its auto and railway divisions.

The vast conglomerate booked net income of JPY 54.9 billion (roughly Rs. 2,843 crores) for the first quarter of the fiscal year, up from JPY 41.8 billion (roughly Rs. 2,160 crores) a year earlier.

Sales climbed 6.9 percent to JPY 2.3 trillion (roughly Rs.1,18,861 crores) for the three months, said the company which sells everything from batteries to nuclear plants.

A sharp drop in the yen boosted major Japanese exporters including Hitachi, making them more competitive overseas and inflating their bottom line.

The company also pointed to a solid performance in its auto and electronic-related products as well as its lifts and railway system divisions.

In February Hitachi said it would buy the rail and traffic signal businesses of Italy's Finmeccanica, in a deal that could reach more than $2.0 billion (roughly Rs. 12,777 crores) as it looks to take on global rail giants.

The acquisition was expected to push up Hitachi's annual rail-related sales to more than 400 billion yen about half that of Canada's Bombardier, Siemens of Germany or France's Alstom.

For the year to March next year, Hitachi kept its full-year forecast unchanged, estimating that its net profit would be JPY 310 billion (roughly Rs. 16,017 crores) on sales of JPY 9.9 trillion (roughly Rs. 5,11,512 crores).

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Hitachi, Internet
Google Now to Help Users Avoid Crowds at Public Places
No New Contact With Philae Comet Lander, Scientists Say
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »