Hitachi Ltd has been one of the losers in this year’s first round of financial reporting. The Japanese powerhouse posted a 28 per cent decline in income, to 37.3 billion Yen for the fiscal year that ended March 31.
Hitachi’s IT Systems division and Power and Industrial operations all saw growth, but results have been dragged back by the performance of its consumer electronics products.
The Corporation says its Electronics Devices biz saw revenues plunge nine per cent to 1,204.4 billion Yen. The company blamed “lackluster LCD sales, resulting from prices as well as other factors.” Operating income in CE dropped by 45 per cent year on year, to 20.4 billion Yen.