Hitachi, Ltd. announced its consolidated financial results for fiscal 2018, ended March 31, 2019.
For fiscal 2018, the Hitachi’s consolidated revenues increased 1% year over year, to 9,480.6 billion yen. While the revenues were affected by the deconsolidation of Hitachi Kokusai Electric Inc., the revenues increased in the Construction Machinery segment where sales rose mainly in North America and Asia- Pacific, the Social Infrastructure & Industrial Systems segment where the railway systems business for Europe was strong, the Information & Telecommunications Systems segment where the system integration business remained firm, and the High Functional Materials & Components segment where sales increased due to M&As conducted by Hitachi Chemical Company, Ltd. and Hitachi Metals, Ltd.
Adjusted operating income increased 40.3 billion yen year over year, to 754.9 billion yen. The increase was mainly in the Social Infrastructure & Industrial Systems segment, the Construction Machinery segment, and the Information & Telecommunications Systems segment, in which profit increased due to the increase in revenues and an improvement in profitability, despite the decrease in profit in the Automotive Systems segment and the High Functional Materials & Components segment, etc.
EBIT also decreased 130.3 billion yen year over year, to 513.9 billion yen, mainly reflecting an impairment loss attributable to the suspension of the UK nuclear power stations construction project in the power and energy business, Adespite the increase in adjusted operating income, gains by selling Hitachi Kokusai Electric stock, gains on the sale of shares of Clarion Co., Ltd. and the others in the Automotive Systems segment, and gains on the sale of a part of shares of Agility Trains West Limited in the railway systems business of the Social Infrastructure & Industrial Systems segment.
Income from continuing operations, before income taxes, decreased 122.1 billion yen year over year, to 516.5 billion yen. After deducting income taxes of 186.3 billion yen, Hitachi posted income from continuing operations of 330.1 billion yen, down 176.7 billion yen year over year. Loss from discontinued operations decreased 6.8 billion yen year over year, to 9.1 billion yen. Net income decreased 169.8 billion yen year over year, to 321.0 billion yen. Net income attributable to Hitachi, Ltd. stockholders decreased 140.4 billion yen year over year, to 222.5 billion yen.―Market Watch