Hitachi hikes annual net loss forecast to $8.0 bn | business | Hindustan Times
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Hitachi hikes annual net loss forecast to $8.0 bn

Japanese high-tech giant Hitachi Ltd. said on Thursday that it expects a net loss of 788 billion yen (8.0 billion dollars) for the past year to March.

business Updated: May 07, 2009 12:09 IST

Japanese high-tech giant Hitachi Ltd. said on Thursday that it expects a net loss of 788 billion yen (8.0 billion dollars) for the past year to March, more than previously thought.

The electronics and engineering firm, which is slashing up to 7,000 jobs to cope with the global economic downturn, had previously predicted a loss of 700 billion yen, after a 58.1 billion yen shortfall the previous year.

The company blamed tax-related costs for the worse than expected performance.

At the same time Hitachi raised its annual operating profit forecast to 127 billion yen from 40 billion, while trimming its revenue estimate to 10.00 trillion yen from 10.02 trillion.

In an effort to recover from its financial difficulties, Hitachi said in March that it was replacing its president and splitting off its consumer electronics and automotive systems businesses.

Other Japanese electronics makers have also been badly hurt by recession in major markets including the United States, Europe and Japan.

Hitachi is scheduled to announce its full financial results on May 12.