Japan's Hitachi Posts Record Annual Loss

Updated from 3:02 a.m. EDT

TOKYO -- Electronics maker Hitachi(HIT Quote) booked a record net loss of 787.3 billion yen ($8.1 billion) during the last fiscal year and said it doesn't expect the global economy to recover until next year at the earliest.

Hitachi, which produces everything from home appliances to medical equipment, was battered by plummeting demand for cars and gadgets as it reported its third straight year in the red. Last year, Hitachi reported a loss of 58.1 billion yen.

Annual revenue tumbled 11% to 10 trillion yen. But it managed an operating profit -- which reflects its core business -- of 127 billion yen for the year. ...