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Hitachi fiscal Q3 profit falls YOY

Hitachi Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, was ¥12.09 per share, a decline of 7.2% from ¥13.03 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥58.40 billion, a decrease of 7.2% from ¥62.92 billion in the year-earlier period.

The normalized profit margin rose to 2.7% from 2.6% in the year-earlier period.

Total revenue declined 10.6% year over year to ¥2.166 trillion from ¥2.423 trillion, and total operating expenses declined 10.0% on an annual basis to ¥2.050 trillion from ¥2.278 trillion.

Reported net income totaled ¥78.64 billion, or ¥16.28 per share, compared with ¥78.01 billion, or ¥16.16 per share, in the year-earlier period.

As of Feb. 8, US$1 was equivalent to ¥111.80.