Hitachi more than doubles April-June net profit

July 31, 2014 - 12:54:45 pm

TOKYO: Japan's Hitachi said Thursday its net profit for three months to June soared to $280 million on robust sales in various fields ranging from IT solutions to elevators.

Net profit more than doubled to 28.9 billion yen ($280 million) during the first quarter, compared with 10.8 billion logged in the same period last year.

Operating profit rose 44.5 percent to 80.2 billion yen, on sales of 2.1 trillion yen, up 2.6 percent.

Hitachi is a conglomerate that sells everything from batteries to nuclear plants.

The company said it saw increased sales of IT systems, electronic devices, computers to control vehicles and social infrastructure such as elevators and trains.

It added income from its power systems segment fell after Hitachi's thermal power plants business was integrated into a joint venture with Mitsubishi Heavy Industries.

Hitachi said it enjoyed strong demand for elevators and escalators in China.

"In terms of the overall global business environment going forward, the US, China and Japan should make continued headway toward economic recovery and are expected to see gradual economic growth," Hitachi said.

The company kept its annual forecast for the year to March, expecting a net profit of 230 billion yen on sales of 9.4 trillion yen. (AFP)