Japanese electronics company Hitachi Ltd. said Tuesday its group net loss grew 77 percent in the fiscal year through March because of poor sales of plasma TVs in the United States.
Its loss for the just ended financial year swelled to 58.1 billion yen (US$560.5 million; euro363.3 million) from 32.8 billion yen the previous year.
"While domestic sales of plasma TVs were fine, those sales in the U.S. were particularly sluggish," Hitachi spokesman Masayuki Takeuchi said. The slump in U.S. sales was a major cause of the company's dismal performance, he said.
He declined to give data on U.S. sales of plasma TVs.
Revenue rose 9.6 percent from the previous year to 11.2 trillion yen (US$108.3 billion; euro70.2 billion), Hitachi said. Overseas revenue increased 14 percent to 4.7 trillion yen (US$45.7 billion; euro29.6 billion), lifted by steady demand in China and Europe.
Hitachi said sales of energy operations, including nuclear power reactors, grew 18 percent to 3.6 trillion yen (US$34.4 billion; euro22.3 billion) on rising demand at home and abroad, especially in Europe.
For the fiscal year through March 2009, Hitachi forecast a net profit of 40 billion yen (US$386 million; euro250 million), although sales were expected to drop 1.1 percent to 11.1 trillion yen (US$107 billion; euro70 billion).
Hitachi's earnings results are based on U.S. accounting standards. It did not provide quarterly results.
Shares in Hitachi rose 5.9 percent Tuesday to finish at 719 yen. The company released earnings before the market close.
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