Hitachi, Ltd. (Tokyo) today announced results for its fiscal year 2006, ended March 31, 2007, with revenues of approx. U.S. $86.847 billion, up 8 percent over the previous year, and operating income of $1.547 billion, down 29 percent from the previous year.
Hitachi's Digital Media & Consumer Products business, which includes Hitachi Appliances, Inc., reported strong sales for the year. Revenues were $12.763 billion, up 15 percent over the year before. This was said to be mainly the effect of merging Hitachi Air Conditioning Systems Co., Ltd., and Hitachi Home & Life Solutions, Inc., in April 2006, to form Hitachi Appliances, Inc. The increase was also a result of sales growth in flat-panel TVs, DVD camcorders, and home appliances such as high-value-added refrigerators and washer-dryers.
However, the segment reported an operating loss of approx. $495 million, primarily a result of falling prices for products such as flat-panel TVs and DVD recorders, as well as slower sales of room air-conditioners.
Hitachi also reported strong sales for its Information and Telecommunications Systems business, its LCD-making Electronic Devices business, Power & Industrial Systems, and High Functional Materials & Components.
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