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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Hitachi sees $996.85 million net profit in 1Q AFP - Saturday, July 31 Send IM Story Print Hitachi sees $996.85 million net profit in 1Q Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japanese high-tech firm Hitachi said Friday its net profit for the fiscal first quarter reached 996.85 million dollars, rebounding from losses on strong sales of automobile parts and electronics. A producer of products from household appliances to nuclear reactors, Hitachi booked a net profit of 86.06 billion yen for the April-June quarter, sharply reversing a net loss of 82.67 billion yen a year ago. The company's earnings improved as the world economy drove out of a deep slump of last year, Hitachi said in a statement. "Overseas revenues increased 24 percent year over year, to 979.3 billion yen, largely due to a global recovery in demand," Hitachi said. The company secured operating profit of 88.48 billion yen for the three months, rebounding from a loss of 50.60 billion yen last year. Sales reached 2.15 trillion yen, up 13.7 percent. The company benefited from "recovering demand in automotive- and electronics-related fields," the statement said. Strong recovery of sales and profits more than offset the yen's appreciation, which makes Japanese products relatively more expensive overseas and reduces the value of profits made overseas. For the year to March 2011, Hitachi kept its forecasts of net profit of 130 billion yen, operating profit of 340 billion yen and sales of 9.2 trillion yen. Recommend Send IM Story Print Related Articles FOREX-Dollar falls to 8-month low vs yen on U.S. data Reuters - 28 minutes ago Delta's Northwest pleading guilty to price fixing Reuters - 41 minutes ago US STOCKS SNAPSHOT-Profits lift stocks to best month in a year Reuters - 51 minutes ago Brookfield Properties to be pure-play office firm Reuters - 53 minutes ago DEALTALK-White knight could be elusive for Genzyme Reuters - 1 hour 25 minutes ago News Search Top Stories New BP boss vows to stay the course in Gulf clean-up Colombian guerrillas propose talks on conflict : video US growth slows fueling recovery fears US economic growth 'welcome sign' but more needed: Obama New boss vows no BP pullback from Gulf oil crisis More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Argentine students crack three-decade-old murder mystery Calcium supplements linked to heart attacks: study US Fed official warns of 'Japanese-style' stagnation At least 140 dead in DR Congo river disaster Shell defends deep-water oil production, as profits soar More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery World's first full face transplant man appears on TV Paris Hilton caught with cannabis in handbag Quark by quark, atom smasher closing in on 'God particle' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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