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Hitachi fiscal Q2 profit climbs 7.3% YOY

Hitachi Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥10.56 per share, a gain of 7.3% from ¥9.84 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥51.00 billion, an increase of 7.3% from ¥47.55 billion in the year-earlier period.

The normalized profit margin rose to 2.2% from 2.0% in the year-earlier period.

Total revenue decreased on an annual basis to ¥2.360 trillion from ¥2.388 trillion, and total operating expenses fell on an annual basis to ¥2.227 trillion from ¥2.270 trillion.

Reported net income increased 185.3% on an annual basis to ¥62.63 billion, or ¥12.97 per share, from ¥21.95 billion, or ¥4.54 per share.

As of Nov. 12, US$1 was equivalent to ¥115.15.