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Hitachi fiscal Q4 profit falls YOY

Hitachi Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to ¥18.66 per share, a decline of 10.3% from ¥20.81 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥90.14 billion, a decrease of 10.3% from ¥100.50 billion in the year-earlier period.

The normalized profit margin fell to 3.4% from 3.6% in the year-earlier period.

Total revenue declined 5.7% on an annual basis to ¥2.643 trillion from ¥2.804 trillion, and total operating expenses declined 8.0% from the prior-year period to ¥2.369 trillion from ¥2.574 trillion.

Reported net income increased 7.9% on an annual basis to ¥45.10 billion, or ¥9.34 per share, from ¥41.81 billion, or ¥8.66 per share.

For the year, the company's normalized net income totaled ¥48.71 per share, compared to EPS of ¥52.68 in the prior year.

Normalized net income was ¥235.26 billion, a fall from ¥254.34 billion in the prior year.

Full-year total revenue decreased year over year to ¥9.162 trillion from ¥10.034 trillion, and total operating expenses decreased on an annual basis to ¥8.543 trillion from ¥9.398 trillion.

The company said reported net income increased year over year to ¥237.23 billion, or ¥49.12 per share, in the full year, from ¥229.05 billion, or ¥47.44 per share.

As of June 21, US$1 was equivalent to ¥111.54.