Hitachi posts record loss for Japanese manufacturers

[Coventina]

Source: The Guardian

Japanese companies unveiled a string of gloomy results today as major exporters continue to take a battering from the global recession.

Hitachi confirmed it had suffered the worst loss ever for a Japanese manufacturer and warned of another difficult year ahead.

The firm, which makes consumer electronics and industrial equipment, said net losses had mounted to ¥787.3bn (£5.3bn) in the year through to 31 March from a ¥58.1bn loss a year earlier.

Hitachi said it expected losses to come to ¥270bn this year amid a sharp drop in demand for electronic gadgets, chips and cars incorporating its products.



Read more: http://www.guardian.co.uk/business/2009/may/12/japan-losses-hitachi-nec-sony-nissan