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November 29, 1998

SIX MONTH LOSSES AT HITACHI TOP $1 BILLION

By CBR Staff Writer

Hitachi Ltd reported losses for the six months to September 30 of $1.16bn, and said it saw no prospect of things getting better over the next six months. It is predicting a group net loss of around 250bn yen or $2.03bn for the full year. The blame falls on semiconductor oversupply and the price cutting that resulted. Hitachi also saw the price of computer displays and liquid crystal displays fall, and saw dropping demand for its electric power plants in domestic markets. Industrial equipment sales have in the past shored up losses at other divisions, but are now also suffering under current economic conditions. Hitachi has already set massive restructuring plans in place (CI No 3,518, 3,542).

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