Hitachi quarterly profit surges

TOKYO: Japanese high-tech firm Hitachi said Thursday its net profit nearly tripled in the quarter to December from a year earlier on demand from emerging Asia and a recovery in the automobile industry.Hitachi, which makes several products from household appliances to nuclear reactors, said group net profit came to 62 billion yen ($760 million), up 184 percent from 21.8 billion yen in the October-December of 2009.

Overall sales grew as "the construction machinery segment rose on demand mainly from emerging countries," Hitachi said in a statement.Sales of components and electronic and automotive systems rose in line with increasing demand, it said.

Japanese firms have benefited from emerging market strength, particularly as demand from the likes of China for electrical and automobile components have helped offset the effects of a strong yen, which erodes repatriated profits. Hitachi said its operating profit in the period almost doubled to 119.8 billion yen from 66.3 billion yen on five percent growth in sales to 2.26 trillion yen.

Overall sales grew as "the construction machinery segment rose on demand mainly from emerging countries," Hitachi said in a statement.The firm raised its profit outlook for the full year to March, while leaving unchanged its sales forecast at 9.3 trillion yen.It now expects net profit to hit 230 billion yen and operating profit of 440 billion yen, up from 200 billion and 410 billion projected in October.