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Wednesday, 13th May 2009
In Business In Japan,

Hitachi reveals 787bn yen loss

Japanese electronics maker Hitachi has revealed a net loss of more than 787 billion yen (£5.41 billion).

The results represent the largest annual loss experienced by a Japanese manufacturer.

Meanwhile, its annual revenue fell to ten trillion yen - a drop of 11 per cent on the previous year.

In a statement, Hitachi said: "The global economic outlook is being shaped by concerns about the US and other industrialised nations slipping into negative economic growth, and about slowing economic growth in emerging economies."

On the Tokyo Stock Exchange, shares in the business dropped by 11 per cent, reports Bloomberg.

Earlier this year, the company forecast a loss of 700bn yen and announced that it planned to cut up to 7,000 jobs around the world.

Founded in 1910, Hitachi has its headquarters in Tokyo and employs almost 390,000 people on a consolidated basis. It has just over 282 million yen in common stock.

Written by Susan Ballion

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