Hitachi announced on Thursday that as the German thermoelectric project delay weighed on the power generation business, coupled with the continuing losses of the television business , the company’s third quarter net profit plunged 45%. However, the company still maintained the fiscal 2011 full-year earnings which expired by the end of March this year unchanged, due to the recovery of demand for the Automotive Systems.
Hitachi’s main businesses consist of consumer electronics, industrial equipments, power generation facilities and the railway systems. In the third quarter ended by last December, the company posted a net profit of 34.28 billion yens (about $450 million), plugging 45% from 62.09 billion yens in the same period last year.
Hitachi is one of the companies with the highest income in Japan. The company’s third quarter operating profit reached 95.12 billion yens, down 21% from the same period figure of the previous year; but its revenue still increased by 0.1% to 2.265 trillion yens.
Hitachi forecasted the 2011 full-year net profit would fall 16% to 200 billion yens; the operating profit would decline 10% to 400 billion yens and its revenue would grow 2% to 9.5 trillion yens.
The sharp decrease of the demand for televisions in Janpanese led to the third-quarter operating loss of 4.7 billion yens of the Hitachi’s consumer electronics business.
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