Hitachi says quarterly profit plunges by 41 percent due to slack demand
AFPTOKYO -- Japan's Hitachi said Monday that its quarterly profit plunged 41 percent, pointing to weaker demand for construction machinery and automotive equipment for the hit to its earnings.
February 5, 2013, 12:46 am TWN
The conglomerate, whose products range from diggers to nuclear reactors, said it earned 20.2 billion yen (US$217.8 million) in its third quarter to December, down from 34.2 billion yen a year earlier.
Sales slipped 7 percent to 2.11 trillion yen, it said.
For the nine months to December, Hitachi said net profit was down to 50.3 billion yen from 85.1 billion yen a year earlier.