TOKYO (dpa-AFX) - Japanese electronics company Hitachi Ltd. (HTHIF.PK, HTHIY.PK) reported Thursday that its first-half attributable net profit climbed 42 percent to 160.6 billion Japanese yen or $1.42 billion from last year's 113.5 billion yen.
Earnings per share were 33.24 yen or $0.29, higher than 23.50 yen a year ago.
Earnings before interest and tax or EBIT grew 36 percent from last year to 296.4 billion yen or $2.62 billion, and adjusted operating income grew 30 percent to 303.2 billion yen or $2.68 billion.
Revenues edged up 1 percent to 4.376 trillion yen or $38.73 billion from 4.354 trillion yen last year.
The revenues were affected by the conversion of Hitachi Transport System, Ltd. and Hitachi Capital Corporation to equity-method associates and the deconsolidation of Hitachi Koki Co., Ltd. in the previous fiscal year.
However, overseas sales in the Construction Machinery segment rose, mainly in China.
Assuming that Hitachi Transport System, Hitachi Capital, and Hitachi Koki were not consolidated in the first half of the previous fiscal year, the consolidated revenues increased 4%.
Looking ahead, for fiscal 2017, the company continues to expect attributable net income of 300 billion yen or $2.68 billion, higher than last year.
However, adjusted operating income for the year is now expected to be 660 billion yen or $5.84 billion, higher than previous estimate of 630 billion yen.
Revenues are now expected to be 9.3 trillion yen or $82.30 billion, a growth of 2 percent from last year. This was higher than previous estimate of 9.05 trillion yen, down 1 percent year-over-year.
In fiscal 2016, attributable net income was 231.2 billion yen, adjusted operating income was 587.3 billion yen and revenues were 9.16 trillion yen.
Copyright RTT News/dpa-AFX