03 Feb '11, 6pm

Hitachi quarterly profit surges #afpasiapacificbusiness

Hitachi quarterly profit surges #afpasiapacificbusiness

TOKYO : Japanese high-tech firm Hitachi said Thursday its net profit nearly tripled in the quarter to December from a year earlier on demand from emerging Asia and a recovery in the automobile industry. Hitachi, which makes several products from household appliances to nuclear reactors, said group net profit came to 62 billion yen ($760 million), up 184 percent from 21.8 billion yen in the October-December of 2009. Overall sales grew as "the construction machinery segment rose on demand mainly from emerging countries," Hitachi said in a statement. Sales of components and electronic and automotive systems rose in line with increasing demand, it said. Japanese firms have benefited from emerging market strength, particularly as demand from the likes of China for electrical and automobile components have helped offset the effects of a strong yen, which erodes repatriated profi...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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