Hitachi posts $1.5 bn interim loss

Hitachi posts $1.5 bn interim loss

Tokyo: Japanese high-tech giant Hitachi Ltd. said Thursday that it had lost about $1.5 billion in the six months through September because of weak demand for electronics.

Hitachi, which makes everything from refrigerators to nuclear power systems, posted a net loss of 133.2 billion yen ($1.47 billion) for the first half of its business year, against a year-earlier profit of 14.2 billion yen.

The loss was roughly in line with a preliminary estimate released by the company earlier this week.

It logged an operating loss of 24.8 billion yen for the first half period, against a 197.1-billion-yen profit a year earlier. Revenue fell to 4.12 trillion yen from 5.31 trillion yen.

Hitachi is restructuring after losing 787.3 billion yen in the year to March 2009 -- the biggest ever loss for a Japanese manufacturer.

The overhaul includes up to 7,000 job cuts, a tie-up in mobile telephones with fellow high-tech makers NEC and Casio Computer and a move to take full control of five of its key businesses.

Hitachi maintained its outlook for a net loss of 230 billion yen for the year to March 2010, alongside an operating profit of 80 billion yen and revenue of 8.7 trillion yen.