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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60937)	2/25/2002 3:35:19 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hitachi expected to miss earnings targets sg.biz.yahoo.com Monday February 25, 3:59 PM TOKYO (Reuters) - Hitachi Ltd, Japan's largest electronics maker, will likely miss earnings targets for the current year through March, as slack demand for communications and industrial equipment adds to its woes, analysts and media said. The Nihon Keizai Shimbun business daily said over the weekend that Hitachi's net loss in the year to March 31 would exceed 300 billion yen ($2.24 billion), surpassing the company's latest official forecast in October of a loss of 230 billion yen. Hitachi, like Japan's four other chipmaking conglomerates, was hit hard by last year's slump in the semiconductor industry. The chip sector has since shown signs of bottoming out, but the conglomerates are being hit by a further slowdown in spending on telecommunications infrastructure and industrial equipment, especially in the sluggish domestic market. The report did not surprise the market, which had braced for further bad news from Japan's chip and industrial electronics firms after Toshiba Corp <6502>, NEC Corp <6701> and Fujitsu Ltd <6702> raised 2001/02 loss forecasts in late January. Hitachi's shares closed up 0.50 percent at 808 yen, outperforming a 0.58 percent fall in the benchmark Nikkei average. The Nihon Keizai also said Hitachi's 2001/02 consolidated operating loss, estimated in October at 30 billion yen, would likely be close to 100 billion yen, its worst ever.