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Hitachi Announces High Sales of Consumer Electronics
Feb 4, 2004
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Japanese-based consumer electronics company Hitachi announced a net profit of 2.5 billion yen (approx. U.S. $23.7 million) for the period ending in December 2003, reversing a net loss of 2.2 billion yen (approx. U.S. $20.8 million) in 2002. The profit gain was mainly due to "improved earnings in electronics devices and digital media and consumer products segments," Hitachi Ltd. said in a statement.

Hitachi said its profit gain was also helped by reduced mandatory corporate contributions to the government's national pension plans. Pre-tax profit surged to 46.1 billion yen (approx. U.S. $436 million) from 603 million yen (approx. U.S. $5.7 million) on sales of 2.05 trillion yen (approx. U.S. $19.4 billion), up 7 percent from the same period in 2002. Sales in Asia were said to have remained strong.

Hitachi pointed to a major improvement in its hard disc drive business, included in the information technology system division, helped by the addition of operations acquired from U.S. computer giant IBM.

Hitachi maintained its forecast for the year to March 2004, projecting 10 billion yen (approx. U.S. $94 million) in net profit. The company said Japan's economic outlook remained uncertain despite expectations the global economic recovery would gather pace, led by the U.S. and Asia. (AFP)

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