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Read more with google mobile : Hitachi sees massive loss
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hitachi sees massive loss AFP - 2 hours 6 minutes ago TOKYO (AFP) - - Hitachi said Friday it expects to lose almost eight billion dollars this year while NEC sank deeper into the red as Japan Inc. buckles under the strain of the economic crisis. Hitachi said it would slash up to 7,000 jobs as it braces to post a 700 billion yen (7.83 billion dollars) loss in the current financial year to March. Electronics giant NEC Corp. said it expects a net loss of 290 billion yen in the year to March as recessions in major economies from Japan to Europe and the United States hammer demand. Japan is in the midst of its first recession in seven years as the global slowdown saps demand overseas for cars, computers, cameras and other key exports. Japanese companies have also been hit hard by a strong yen, which recently soared to a 13-year high against the dollar. There was more bad news from the car industry as Honda Motor Co. reported that its net profit dived 89 percent to 20.24 billion yen (226 million dollars) in the fiscal third quarter as car sales slumped. The company cut its net profit forecast to 80 billion yen for the year to March 2009, down from an earlier forecast of 185 billion yen. That would mark a decline of 86.7 percent from the previous year. Honda, Japan's second largest automaker, reported a 5.1 percent drop in automobile sales in the quarter to 940,000 units. All Nippon Airways said it expects its first annual loss in six years as travel to North America and Europe declines due to the global economic crisis. Japan's second-largest airline said it now forecasts a loss of nine billion yen for the financial year to March 31. It previously expected a profit of 17 billion. Unlike its rival Japan Airlines, ANA has long been used to healthy earnings and in the previous year posted a 64.1 billion yen net profit. "We saw a severe drop in international passengers on routes to Europe and North America, in addition to an already depressed China leisure market," said Tomohiro Hidema, ANA's executive vice president for finance. There was also fresh misery in the banking sector as Mizuho Financial Group posted a net loss of 50.55 billion yen (565 million dollars) in the nine months to December due to the global economic crisis. Mizuho has been badly hit by financial market turmoil and losses on toxic mortgage-backed securities. A year earlier it had made a net profit of 393.03 billion yen. The group downgraded its outlook but still hopes to end the current financial year to March in the black. It expects a net profit of 100 billion yen, down from an earlier projection of 250 billion yen. "The dislocation of the global financial markets stemming from US subprime issues has worsened with the failure of Lehman Brothers in September 2008 and has caused an economic downturn on a global scale," it said in a statement. "As a result, the economic situation in and outside of Japan has been deteriorating rapidly." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Novo Nordisk sees big growth potential in RussiaReuters - 2 hours 3 minutes ago Hitachi sees massive lossAFP - 2 hours 6 minutes ago HK stocks climb on China stimulus hopesAP - 2 hours 40 minutes ago Mizuho books $565 mln 9-month loss, cuts forecastReuters - Friday, January 30 Related Articles: Business Honda quarterly profits dive 89%AFP - 26 minutes ago India sold 10 mln rupees of bonds in wk to Jan 23Reuters - 30 minutes ago India cbank loans to govt 5.23 bln rupees in wk to Jan 23Reuters - 30 minutes ago Indian banks' loans grew 22.1 pct in 2 wks to Jan 16Reuters - 31 minutes ago TABLE-Colgate Palmolive (India) Oct-Dec net up 28.5 pctReuters - 35 minutes ago Enlarge Photo Hitachi sees massive loss Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US House approves massive economic stimulus bill Financial crisis bringing global economy to standstill: IMF Wen and Putin lash out at US over economic crisis Boeing to cut 10,000 jobs after loss Child matador kills six bulls in Mexico View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Friday, 30 January 2009 - Hitachi sees massive loss