Hitachi, Ltd. (HTHIF.PK), a major Japanese conglomerate, announced on Wednesday a decrease in net income attributable to stockholders for the second quarter, falling to 116.9 billion yen from 139.0 billion yen in the same period last year.
The company's EBIT saw a decline, reaching 190.1 billion yen from the previous year’s 217.9 billion yen, while the adjusted EBITA dropped slightly to 224.5 billion yen compared to 229.9 billion yen last year. However, adjusted operating income showed an increase, climbing to 207.1 billion yen from 194.9 billion yen in the prior year.
Quarterly revenues slipped by 11 percent, totaling 2.33 trillion yen down from 2.64 trillion yen in the previous year.
Despite these decreases, Hitachi announced its intention to pay an interim dividend of 21 yen per share for fiscal year 2024, marking a 31 percent rise from the FY23 interim dividend.
Looking towards fiscal 2024, which concludes on March 31, 2025, Hitachi maintains its forecast for attributable net profit at 600 billion yen. The company has revised its expectation for adjusted operating income upward to 875 billion yen, an increase of 20 billion yen over initial projections and surpassing last year's figure of 755.8 billion yen.
Revenue is projected to fall by 6 percent to 9.15 trillion yen, a slightly more optimistic outlook than the previous estimate, which anticipated a 7 percent decline down to 9 trillion yen.
In Japan, Hitachi's shares saw a rise, closing Wednesday at 4,147 yen, an increase of 2.3 percent.
