Wednesday May 14, 2008
Slow TV sales hit Hitachi
TOKYO: Japan’s Hitachi Ltd tumbled to a quarterly loss on slow TV sales and a tax writedown but said yesterday it would rebound to a profit this year on a recovery in hard drives.
Japan’s biggest industrial electronics company aims to outrun a stronger yen and price falls this year by focusing resources on high-capacity hard drives and in plasma TV sales in China.
But Hitachi, whose many subsidiaries have sparked interest among bankers and investors searching for a deal in Japan, said losses would continue this year in its plasma TVs, with an executive skirting questions about when the business would turn into the black. – Reuters
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