Hitachi Profits Down 28 Percent Apr 28, 2006

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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.