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Tenderloin

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Tenderloin

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Re: None

Wednesday, 02/04/2004 9:08:43 AM

Wednesday, February 04, 2004 9:08:43 AM

Post# of 93821
OT: Hitachi sees smaller 03/04 loss at HDD operation
Reuters, 02.04.04, 1:48 AM ET

TOKYO, Feb 4 (Reuters) - Hitachi Ltd <6501.T>, Japan's largest electronics conglomerate, said on Wednesday it cut its estimated loss at its hard-disk drive (HDD) division to 10.9 billion yen ($103.4 million) for the year to March from an earlier forecast of 40 billion yen.

Hitachi has targeted disk drives, used to store data in computers and video recorders, as one of its core businesses after acquiring International Business Machines Corp's (nyse: IBM - news - people) drive operations a year ago for $2.05 billion.

The sprawling conglomerate, with a 320,000-strong global workforce, earlier on Wednesday said it swung to a net profit in the latest quarter, buoyed by an earnings recovery at its disk drive and semiconductor operations.

($1=105.46 YEN)

Copyright 2004, Reuters News Service



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