Hitachi returns to Q4 profit, sees growth

TOKYO, May 11 (BestGrowthStock) – Hitachi Ltd (6501.T: ), Japan’s
largest electronics conglomerate, swung back to profitability in
the latest quarter on a pick-up in demand and cost cuts, and
forecast profit growth of 68 percent this year.

Hitachi, a sprawling conglomerate that makes everything from
nuclear power plants to rice cookers, posted an operating profit
of 160.56 billion yen ($1.72 billion) for January-March, against
a loss of 55.4 billion yen loss a year ago.

The result was in line with Hitachi’s own forecast for a
158.4 billion yen profit, which it had revised up late last
month, citing deeper cost cutting and brisk demand for power
generation systems and electronic devices.

Hitachi joined Panasonic Corp (6752.T: ) and Toshiba Corp
(6502.T: ) as the latest Japanese electronics maker to offer a
brighter outlook for the year ahead, as the global economic
recovery supports consumer and corporate spending.

The company forecast an annual operating profit of 340
billion yen for the year to March 2011, above the consensus of
302 billion yen from 18 analysts polled by Thomson Reuters
I/B/E/S.

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(Reporting by Nathan Layne; Editing by Anshuman Daga)

Hitachi returns to Q4 profit, sees growth