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 February 2, 2016 - 5:31 PM EST
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Hitachi revises down full-year earnings forecast amid China slowdown

Hitachi Ltd. said Wednesday it has revised down its consolidated net profit outlook for the business year through March to 240 billion yen ($2 billion), from a projected 310 billion yen, amid an gloomy outlook for the global economy stemming from a slowdown in

and falling crude oil prices.

The Japanese electronics maker maintained its group sales estimate at 9.95 trillion yen, up 1.8 percent from the previous year.

In the nine months to Dec. 31, Hitachi saw its group net profit rise 6.5 percent to 172.97 billion yen.

Operating profit increased 3.6 percent to 408.39 billion yen on sales of 7.23 trillion yen.

Hitachi said its President Toshiaki Higashihara will replace Hiroaki Nakanishi as the company's chief executive officer on April 1. Nakanishi will remain as executive chairman.


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Source: News (February 2, 2016 - 5:31 PM EST)

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