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TheStreet Open House

Hitachi's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: HIT

Hitachi, Ltd. ( HIT)

Q2 2012 Earnings Call

November 01, 2011 08:00 am ET

Executives

Takashi Miyoshi – Representative Executive Officer, Executive Vice President and Executive Officer

Toshiaki Kuzuoka – Senior Vice President and Executive Officer

Yoshihito Kitamatsu – General Manager of Finance Department

Presentation

Operator

Ladies and gentlemen, thank you very much for attending the presentation for the Consolidated Financial Results for the second quarter ended September 30, 2011 for Hitachi Limited. We will be ending today’s meeting at 6 o'clock this evening. Now, I would like to introduce the speakers for today. In your middle is Takashi Miyoshi, Executive Vice President and Executive Officer; to your left, Toshiaki Kuzuoka, Senior Vice President and Executive Officer; to your right, Yoshihito Kitamatsu, General Manager of Finance Department 1.

I would like to ask Mr. Miyoshi to start the information.

Takashi Miyoshi

Now, I would like to give you the results for the first half of the fiscal year ending March 2012. Please refer to page 5. This is the consolidated statement of operations. For the first half, revenues were 4,572.7 billion Yen, 102% year-over-year. Operating income 170.6 billion Yen, an increase; income before income taxes, 133 billion Yen; and net income attributable to Hitachi was 50.9 billion Yen.

In the first quarter, the earthquake impact was significant and therefore, on a year-on-year basis, we recorded increase in revenue, but decrease in earnings. Please refer to the right-hand column; previous forecast comparison is presented. Revenues was 104%; operating income was 70 billion Yen increase.

Net other deductions was negative because of the foreign exchange impact; income before incomes taxes 58 billion Yen; and net income attributable to Hitachi was 40.9 billion Yen increase. 1-3, which is the impact of the great East Japan earthquake. For the first half, revenues was impacted by 190 billion Yen; operating loss is 70 billion Yen, and other deductions 20 billion Yen.

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