Hitachi Warns of $7.8 Billion Loss Feb 2, 2009

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Hitachi Ltd warned of a record US$7.8 billion annual loss due to weak sales, a firmer yen, and costs to restructure its operations. The company, which makes products ranging from rice cookers to nuclear reactors, said it would exit unprofitable businesses, close plants, and take other restructuring steps in a bid to cut ¥200 billion in fixed costs by March 2010.

The company now expects a net loss of ¥700 billion (approx US$7.8 billion) for the year to March 31, instead of a previously projected ¥15 billion profit. It also cut its operating profit forecast by 90%.

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