Hitachi Issues Profit Warning for Half Year
- Share via
Hitachi Ltd., Japan’s biggest electronics maker, issued a profit warning for its fiscal first half ending Sept. 30, confirming recent market fears of an earnings setback in Japan’s high-tech sector.
The company blamed the revisions on currency swings and isolated problems at a few divisions, but the firm made it clear that the business environment had worsened in the current quarter and uncertainty loomed for the second half of the year.
“The April-June quarter was good, but July-September was tough across the board,” Hitachi Executive Vice President Yoshiki Yagi said at a news conference.
Although the company left its full-year targets unchanged, Yagi left open the possibility that they could be cut when official first-half numbers are announced at the end of next month.
“We still can’t tell how the second half is really going to shape up.... We’ll be back here again in a month, and I think we can probably give a clearer picture then.”
The company expects to break even on a consolidated net basis for the half a year from April to September compared with its previous target of a $42-million profit.
The operating-profit figure was cut to $432 million from $582 million.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
