Developed markets hold up for Hitachi

Developed markets hold up for Hitachi
Hitachi Construction Machinery’s revenues for the nine months of the fiscal year ending on December 31 were JPY 580 billion (US$ 4.92 billion), a +3.9% increase on the same period last year. However, the company’s operating income was down -4.1% to JPY 39 billion (US$ 327 million). Like Komatsu, the company saw sharp increases in sales in Europe ...

Hitachi Construction Machinery’s revenues for the nine months of the fiscal year ending on December 31 were JPY 580 billion (US$ 4.92 billion), a +3.9% increase on the same period last year. However, the company’s operating income was down -4.1% to JPY 39 billion (US$ 327 million).

Like Komatsu, the company saw sharp increases in sales in Europe and North America last year. Revenues from Hitachi’s Americas region, including weakening Latin American market, were up +36.4% to JPY 77.5 billion (US$ 658 million). Revenues from Europe were up +30.7% to JPY 62.6 billion (US% 531 million).

Hitachi also said its revenues in the combined Russia, CIS, Africa & Middle East region were up +19.8% to JPY 66.2 billion (US$ 565 million), despite problems in Russia caused by inflation, the depreciation of the Ruble and rising interest rates.

However, a -28.7% decline in sales in China, to JPY 56 billion (US$ 475 million), a slight decline in the Japanese domestic market and flat sales elsewhere in Asia wiped out many of these gains.

Source: www.khl.com