Japan's Hitachi returns to profit in year to March

TOKYO (AFP) Apr 28, 2003
Japanese electronics giant Hitachi said Monday it posted a net profit of 27.9 billion yen (232.5 million dollars) in the year to March, as cost cutting reversed a massive loss in the previous year.

The profit compared with a 483.8 billion yen net loss a year earlier.

Pre-tax profit came in at 96.8 billion yen, compared with a 586.1 billion yen loss a year earlier, and revenue grew 2.5 percent to 8.19 trillion yen.

For the year to March 2004, Hitachi Ltd. forecast its net profit would shrink to 5.0 billion yen, with a pre-tax profit of 110 billion yen and a revenue decline to 8.00 trillion yen.

SPACE.WIRE