Hitachi slashes full-year operating profit forecast

City A.M. Reporter
Japanese electronics maker Hitachi has cut its full-year profit forecast to 420bn yen (£2.8bn), hurt by a weak European economy and a slowdown in emerging markets.

The firm today posted a 28 per cent fall in third quarter operating profits, coming in well below forecasts.

Hitachi posted operating profit of 68.3bn yen for the three months to December, down from 95.1bn yen over the same period last year.

"The business environment facing our company is likely to stay unclear, including not only a prolonged European economic struggle but also a slowdown in growth in emerging markets, including China and India," Hitachi said in a statement today.