Hitachi net profit comes to its highest-ever despite earthquake

PanARMENIAN.Net - Japanese high-tech firm Hitachi said Wednesday, May 11, it returned to the black in the year to March on robust electronics sales, logging a record net profit despite damage from the massive quake and tsunami.

The Hitachi's group net profit came to 238.87 billion yen ($2.96 billion), its highest-ever, after a loss of 106.96 billion yen in the previous year.

Operating profit more than doubled, surging 119.9 percent to 444.51 billion yen, as sales grew 3.9 percent to 9.32 trillion yen.

The results were almost in line with the company's expectations.

The March 11 quake and tsunami, which damaged some production bases, dented net profit by 75 billion yen, the company said.

Sales were reduced by 130 billion yen due mainly to delays in shipments, said the company, whose products range from computer hard- and software to nuclear power generation systems.

"Hitachi suffered damage to its buildings and production facilities, in-process products and other assets," the company said in a statement, adding that it also faced delays in agreeing new contracts, AFP reports.