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TOKYO, July 27, 2018 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for the first quarter of fiscal 2018, ended June 30, 2018.
During the first quarter of fiscal 2018, the year ending March 31, 2019, Hitachi's consolidated revenues increased 4% year over year, to 2,165.8 billion yen. The revenues increased in the Social Infrastructure & Industrial Systems segment where the railway systems business for Europe was strong in addition to the impact of acquisition of the air compressor business (Sullair) in July 2017, the High Functional Materials & Components segment where Hitachi Chemical Company, Ltd. and Hitachi Metals, Ltd. conducted M&As, the Construction Machinery segment where overseas sales rose mainly in Asia-Pacific, North America and China, and the Information & Telecommunication Systems segment where system integration business remained firm in Japan.
Adjusted operating income was 148.1 billion yen, an increase of 16.3 billion yen year over year. The increase was mainly in the Construction Machinery segment, the Social Infrastructure & Industrial Systems segment, and the Information & Telecommunication Systems segment, in which profit increased due to increase in revenues and improvement in profitability, despite the decrease in profit at the Automotive Systems segment and the High Functional Materials & Components segment.
EBIT increased 37.1 billion yen year over year, to 180.4 billion yen, due mainly to the rise in adjusted operating income and gains by selling Hitachi Kokusai Electric Inc. stock. Income from continuing operations, before income taxes increased 38.9 billion yen year over year, to 180.4 billion yen. After deducting income taxes of 48.9 billion yen, Hitachi posted income from continuing operations of 131.5 billion yen, up 25.1 billion yen year over year. Profit from discontinued operations increased 5.9 billion yen year over year, to 5.8 billion yen. Net income increased 31.1 billion yen year over year, to 137.4 billion yen. Net income attributable to Hitachi, Ltd. stockholders increased 30.1 billion yen year over year, to 105.2 billion yen.
Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111
Topic: Press release summary
Source: Hitachi, Ltd.
Sectors: Electronics, Cloud & Enterprise
https://www.acnnewswire.com
From the Asia Corporate News Network
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