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February 04, 2011, 3:59 AM EST
By Jason Clenfield
(Updates with closing share prices in headline.)
Feb. 4 (Bloomberg) -- Hitachi Ltd., Japan’s third-largest company by revenue, climbed to a two-year high in Tokyo trading after the company raised its full-year profit forecast 15 percent.
The shares advanced 3 percent to close at 487 yen, the highest since November 2008, on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average climbed 1.1 percent. Hitachi has risen 12 percent this year.
Hitachi, a maker of nuclear power plants, construction machinery, factory equipment and appliances, may post net income of 230 billion yen ($2.8 billion) in the year ending March 31, the Tokyo-based company said in a statement yesterday after the market closed. That exceeded Hitachi’s 200 billion yen projection in November and the 206 billion yen average of 19 analyst estimates compiled by Bloomberg.
Hitachi is forecasting its first annual profit in five years as it eliminates money-losing units and focuses on profitable operations including industrial machinery and infrastructure such as power plants. The company kept its full- year sales forecast unchanged at 9.3 trillion yen.
--Editors: Terje Langeland, Young-Sam Cho
-0- Feb/04/2011 08:55 GMT
To contact the reporters on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net
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(Updates with closing share prices in headline.)
Feb. 4 (Bloomberg) -- Hitachi Ltd., Japan’s third-largest company by revenue, climbed to a two-year high in Tokyo trading after the company raised its full-year profit forecast 15 percent.
The shares advanced 3 percent to close at 487 yen, the highest since November 2008, on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average climbed 1.1 percent. Hitachi has risen 12 percent this year.
Hitachi, a maker of nuclear power plants, construction machinery, factory equipment and appliances, may post net income of 230 billion yen ($2.8 billion) in the year ending March 31, the Tokyo-based company said in a statement yesterday after the market closed. That exceeded Hitachi’s 200 billion yen projection in November and the 206 billion yen average of 19 analyst estimates compiled by Bloomberg.
Hitachi is forecasting its first annual profit in five years as it eliminates money-losing units and focuses on profitable operations including industrial machinery and infrastructure such as power plants. The company kept its full- year sales forecast unchanged at 9.3 trillion yen.
--Editors: Terje Langeland, Young-Sam Cho
-0- Feb/04/2011 08:55 GMT
To contact the reporters on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net
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