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Hitachi sees $996.85 million net profit in 1Q
 
 
  
 
 AFP - Saturday, July 31
 
 
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 Hitachi sees $996.85 million net profit in 1Q
 
 
 
 
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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.
 
 
 
 
   
 
 
 
 
 
 
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