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Hitachi fiscal Q2 profit falls YOY

Hitachi Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was ¥8.66 per share, a decrease of 18.0% from ¥10.56 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥41.82 billion, a decline of 18.0% from ¥51.00 billion in the prior-year period.

The normalized profit margin declined to 1.7% from 2.2% in the year-earlier period.

Total revenue rose 5.6% on an annual basis to ¥2.493 trillion from ¥2.360 trillion, and total operating expenses climbed 6.1% on an annual basis to ¥2.363 trillion from ¥2.227 trillion.

Reported net income fell 15.7% from the prior-year period to ¥52.77 billion, or ¥10.93 per share, from ¥62.63 billion, or ¥12.97 per share.

As of Nov. 12, US$1 was equivalent to ¥122.92.