Although Japanese multinational corporation Hitachi was at a loss of 50.5 billion yen in the quarter ended September 30 last year, this year, the company has reported a net profit of 71.9 billion yen or $891.7 million in the same quarter.
The company has been able to keep up with other Japanese firms that also reported strong quarterly results recently.
Hitachi believes that in spite of strong yen value, the company is having better sales of its products due to “global recovery in demand”.
Encouraged by improved results during the quarter in the three months to September, the company has raised its net profit outlook for fiscal year ending March 2011 to 200 billion yen.
The electronics firm manufactures a number of products like computer chips, car parts, household electronic devices, high speed trains, nuclear reactors and so on.
Meanwhile, Hitachi Ltd has announced that it preparing for a US listing of its hard disk drive unit, either on either on the New York Stock Exchange or the National Association of Securities Dealers Automated Quotations (Nasdaq). The deal is expected to be up to $ 1 billion.
