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Hitachi, Ltd. (Tokyo) posted revenues of 2,247 billion yen (approx. U.S. $19.539 billion) in the first quarter of its fiscal year 2006, ended June 30, 2006, up 10 percent over the same quarter last year. Revenues in the quarter were 2,247 billion yen (approx. U.S. $19.539 billion), up 10 percent over the same quarter last year. Operating income was 17.1 billion yen (approx. $149 million). Hitachi reported a net loss of 22 billion yen (approx. $192 million).
Hitachi said the U.S. economy remained firm in the first quarter, supported by healthy consumer spending due to favorable job and wage environments as well as continued strength in capital investments. This strength came despite the impact of surging crude oil and other raw material prices. Asian economies grew strongly, Hitachi said, due to a high growth rate in China and other factors. European economies staged a solid recovery. As a whole, therefore, the world economy was steady during the first quarter.
During the first quarter, Hitachi strengthened its social and industrial infrastructure business. This included the merger of Hitachi Air Conditioning Systems Co., Ltd. and Hitachi Home & Life Solutions, Inc., which were combined to form Hitachi Appliances, Inc., which the company said strengthens the air-conditioning and home appliance business.
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