Hitachi Metals announced on Wednesday the firm’s consolidated recurring profit increased by 17.8% to 44.288 billion yen in fiscal 2011 ended in March 2012 from fiscal 2010. The firm enjoyed the order increase along with the recovery in car industry. The consolidated net sales increased by 7.1% to 556.914 billion yen. Meanwhile, the net profit decreased by 19.4% to 17.886 billion yen mainly due to 3.128 billion yen of extraordinary loss for Thai flood damage. Hitachi Metals forecasts 590 billion yen of net sales with 45.5 billion yen of recurring profit for fiscal 2012.The net sales decreased by 3.3% to 218.271 billion yen in High-Grade Metal Products & Materials division covering mold steels, tool steels and alloys for electronic products. The net sales increased by 26.2% to 169.067 billion yen in Electronics & IT Devices division including magnets and soft magnetic materials. The net sales increased by 5.7% to 170.999 billion yen in High-Grade Functional Components & Equipment division including high-grade ductile iron products and hear-resistant exhaust casting components. The total sales owed the large year-to-year increase to recovery of domestic car component production and price improvement of steel products. Hitachi Metals started the final financial year of its medium-term management plan. The firm tries to raise offshore sales ratio by 8 percentage points to 50% in fiscal 2012 from fiscal 2011 when the firm targets to strengthen the total manufacturing competitiveness for the sustainable growth in the global market.
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