Hitachi losses grow, forecast below expectations - Business

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TOKYO (Reuters) - Japan's Hitachi Ltd tumbled to a quarterly loss on slow TV sales and a tax writedown but said it would rebound to a profit this year, and its shares were up 5 percent.

By Mayumi NegishiTOKYO (Reuters) - Japan's Hitachi Ltd (6501.T) tumbled to a quarterly loss on slow TV sales and a tax writedown but said it would rebound to a profit this year, and its shares were up 5 percent.Japan's biggest industrial electronics company aims to outrun a stronger yen and price falls this year with cost cuts at its hard drive and plasma TV operations and with solid sales of elevators, excavators and power systems.For the financial year to next March, Hitachi said it expected a net profit of 40 billion yen ($386 million), against a net loss of 58.13 billion yen the previous year but missing the mean 64.5 billion yen profit estimate of 10 analysts surveyed by Reuters.On an operating basis, Hitachi said it expected profit to rise 10 percent to 380 billion yen this year.After the announcement, shares of Hitachi held earlier gains and were up 5.2 percent at 714 yen, against a 2 percent rise in Tokyo's electrical machinery subindex ."A 10 percent rise -- if they can achieve this, that's not bad at all. There was some talk that they'd be much more conservative," said Tomomi Yamashita, a fund manager at Shinkin Asset Management CoHitachi, whose products range from nuclear turbines to washing machines, has promised to trim its sprawling empire of 911 subsidiaries.Eyeing weakening demand from the United States, it swallowed massive appraisal losses and a tax writedown in January-March, which caused it to fall to a quarterly net loss of 57.6 billion yen, compared with a 44 billion yen profit a year earlier.

Other news from Business category:

BP's rivals shift in Russian tussle - 07, Jul 2008
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PHILADELPHIA (Reuters) - Coca-Cola Co agreed to pay
$137.5 million to settle a shareholder lawsuit that claimed the
world's largest soft drink maker artificially inflated sales to
boost its stock price, according to court documents.

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Software News

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BP's rivals shift in Russian tussle - 07, Jul 2008

Coca-Cola agrees to $137.5 mln settlement in case - 07, Jul 2008

Alitalia to get 700-800 mln euros: report - 07, Jul 2008

Is capitulation on the cards? - 07, Jul 2008

NBC Universal, partners to buy Weather Channel - 07, Jul 2008

Hyundai cuts, Kia lifts domestic sales target - 06, Jul 2008

Auto sector woes could spur deals: Renault CEO - 06, Jul 2008

Oil falls below $144 as Iran responds to nuclear offer - 05, Jul 2008

EU opens in-depth investigation of Rio-BHP deal - 05, Jul 2008

World stocks fall on financial shares, oil drops - 05, Jul 2008