Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced its
consolidated financial results for the first quarter of fiscal 2008, ended June 30, 2008.
All figures, except for the outlook for the first half of fiscal 2008, were converted at the rate of 106 yen to the U.S. dollar, the approximate exchange rate on the Tokyo Foreign Exchange Market as of June 30, 2008.
Segment information and operating income (loss) are presented in accordance with financial reporting principles and practices generally accepted in Japan.
AP reports that "Hitachi reported a group net profit of 31.5 billion yen ($291.67 million) during the first quarter of the fiscal year that began April 1. In the same period a year ago, Hitachi lost 13.6 billion yen.
"Group sales increased 3 percent to 2.54 trillion yen ($23.52 billion) from 2.48 trillion yen last year.
"The sales gain was largely due to brisk demand for electric power equipment and parts, as well as data communication systems, the Tokyo-based company said in a statement."
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