Hitachi, Ltd. (Tokyo) said its net profit declined 28 percent in fiscal 2005, ended March 31, 2006, to 37.3 billion yen (approx. U.S. $326.3 million). The company reported revenue of 9,464.8 billion yen (approx. $ 82.8 million), up 5 percent over 2005.
Hitachi said its drop in operating income - down 8 percent to 256.0 billion yen (approx. $2.2 billion) – was caused primarily by lower earnings in its Electronic Devices segment and an operating loss in the Digital Media & Consumer Products segment.
With the world economy healthy as a whole during the year, Hitachi said, it continued making aggressive investments in targeted businesses while making structural changes to its business.
Hitachi made Fujitsu Hitachi Plasma Display Limited a consolidated subsidiary with the aim of further reinforcing the group's plasma display business.
Hitachi merged Hitachi Air Conditioning Systems Co., Ltd. and Hitachi Home & Life Solutions, Inc. on April 1, 2006, with the goal of strengthening the air conditioning and home appliance businesses.
to Daily News