Low consumer spending, currency depreciation and higher taxes produce
negative effects in 2007
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Hitachi saw its net losses rise to
58.1bn yen (£287m) for the 2007 financial year from 32.8bn yen (£162m) in 2006.
The Japanese electronics company said lower consumer spending, a rapid
depreciation of the value of the yen against the US dollar and increased income
taxes were behind the figures.
Hitachi’s revenue rose 10 per cent from 10,247.9bn yen (£50.1bn) to
11,226.7bn yen (£55.5bn), with operating income rising steeply by 89 per cent
from 182.5bn yen (£902m) to 345.5bn yen (£1.7bn) in the same period.
The value of sales in the US market declined three per cent while revenues in
Europe grew 24 per cent year-on-year.
The information and telecommunications systems division (including hard disk
drives) grew sales by 12 per cent to 2,761bn yen (£13.7bn).
But revenue from digital media and consumer products division (including TVs)
and the electronic devices division remained flat at 1,505bn yen (£7.4bn) and
1,293bn yen (£6.4bn) respectively.
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