Wednesday, October 26, 2011

Hitachi boosts H1 profit forecast by 70 pct

TOKYO: Hitachi Ltd lifted its first-half profit forecast by 70 percent on improvements in its infrastructure-related businesses but kept its annual forecast intact citing unstable conditions in the global economy, Reuters reported on Wednesday, Oct 26.

Hitachi, a sprawling conglomerate with 900 group companies that make everything from rice cookers to nuclear reactors, now expects 170 billion yen ($2.2 billion) in operating profit for the six months through September, beating its earlier forecast of 100 billion.

The firm said that the new forecast was driven by its businesses relating to information and telecommunications systems, social infrastructure and automotive systems.

Sales are expected to come in at 4.55 trillion yen, compared with its earlier forecast of 4.4 trillion yen, it said.

Hitachi kept its annual forecast unchanged, however, citing an unclear outlook for the global economy, the impact of floods in Thailand and volatility in raw material and currency markets.

Hitachi has forecast a 400 billion yen operating profit for the year ending March, while 22 analysts surveyed by ThomsonReuters I/B/E/S expect 427 billion yen. - Reuters

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