Hitachi sees red in six month period

Domino effect hits another Japanese technology firm

Hitachi has followed in the wake of Toshiba (see yesterday's story) and has turned in its first half year loss for 50 years. The company reported a net loss of Y124.66 billion for the six month period. That compares with a net profit in the same period last year of Y24.25 billion last year. Sales fell by 12 per cent in the period from Y2,045 billion last year to Y1,799 billion in the six month period this year. Hitachi, like Toshiba, has been hit not only by the general economic malaise in Japan, but by a slump in DRAM prices coupled with lack of demand in its own domestic market. The company is part of the mighty Fuyo conglomerate, which also includes Canon. Canon, however, is profitable. ® Click here for more stories

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