Hitachi Reports 33% Drop In FQ2 Net Profit

Hitachi Ltd HIT reported a 33% drop in its net profit for the fiscal second quarter. Hitachi's quarterly net profit declined to Y48.0 billion, from Y71.9 billion, in the year-ago period. Its operating profit dropped 9% to Y118.2 billion from Y129.5 billion. Hitachi's revenue gained 3% to Y2.422 trillion from Y2.350 trillion. Hitachi shares dropped 6.39% to close at $54.08 yesterday.