Hitachi Metals Gains 10B Yen Recurring Profit for April-June

Hitachi Metals announced on Tuesday the firm gained consolidated recurring profit at 10.75 billion yen for April-June 2010. The profit reached 10 billion yen for the first time as April-June since the same period of 2008. Consolidated operating profit and net profit also improved largely year-on-year. Consolidated net sales increased by 37.2% to 126.9 billion yen for April-June from a year earlier thanks to global demand recovery for automobiles, semiconductors, cell phones and personal computers.

Operating profit was 6.6 billion yen for high quality metal products division, 4.6 billion yen for electron-information components division, and 2.6 billion yen for high quality functional component division.

The firm revised up its annual result forecast on the same day. The latest forecast is 253 billion yen for consolidated net sales, revised up by 10 billion yen from the previous announcement, with consolidated operating profit at 20 billion yen and consolidated recurring profit at 17.4 billion yen, both of which were revised up by 4.6 billion yen. Net profit forecast was revised up by 2.6 billion yen to 9 billion yen.