Hitachi Reports 97% Decline In FQ1 Net Profit

Hitachi Ltd HIT reported a 97% drop in net profit for the fiscal first quarter on Friday. Hitachi's quarterly net profit dropped to Y2.93 billion, from Y86.06 billion in the year-earlier period. Its operating profit dipped 41% to Y52.40 billion from Y88.48 billion. Hitachi's revenue dropped 0.1% to Y2.151 trillion from Y2.153 trillion. Hitachi's shares gained 1.64% to close at $62.15 yesterday.