Hitachi, Japan's biggest electronics maker, reported a record annual net loss, hit by a slump in the chip, automotive and electronics sectors, and forecast a bigger-than-expected loss this year.
Hitachi said it expects a 270 billion yen ($2.8 billion) loss in the year to March, wider than a consensus for a 96.6 billion yen loss in a poll of 16 analysts by Thomson Reuters.
It booked a net loss of 787.3 billion yen ($8.1 billion) for the past financial year, in line with expectations as Hitachi had flagged its numbers last week, warning that the loss would be bigger than earlier estimates due to writedowns of deferred tax assets.
The global economic downturn has battered many of Hitachi's sprawling operations, with weak demand hitting especially hard on auto and electronics-related products.
The company's chip joint venture, Renesas Technology, also dragged on its earnings after a sharp fall in chip prices and sluggish demand forced the semiconductor maker deep into the red.
Hitachi shares tumbled 23 per cent in January-March, underperforming a 0.7 per cent fall in the electrical machinery subindex.
Reuters