Hitachi Quarterly Profit Surges 54%

Hitachi HTHIY reported a 54% rise in its net profit for the three months ended June 30. Hitachi's quarterly net profit surged to Y10.79 billion ($109.7 million), from Y7.01 billion, in the year-ago period. Its revenue declined 1.8% to Y2.082 trillion, while operating profit dropped 12.7% to Y55.48 billion. However, analysts were expecting a net profit of Y1.63 billion on revenue of Y2.116 trillion. Hitachi shares closed at $64.41 yesterday.