Hitachi, Ltd. reported a strong financial performance for the first quarter of fiscal 2024, with net income soaring 229% to ¥186.8 billion (US$1.3 billion) from ¥81.7 billion in the same period last year. The significant profit increase was primarily driven by effective cost management and substantial investment gains.
The company’s revenue for the quarter ending June 30, 2024, fell by 5% to ¥2.21 trillion (US$15.3 billion), compared to ¥2.32 trillion a year earlier. Despite the decline in revenue, Hitachi’s gross profit improved by 11% to ¥640.2 billion (US$4.4 billion), reflecting strategic operational efficiency. Adjusted operating income saw a significant rise of 51%, reaching ¥197.6 billion (US$1.36 billion).
The Green Energy & Mobility segment showed strong performance, with revenues increasing by 41% year-over-year. However, Digital Systems & Services and Connective Industries segments experienced more moderate growth. Hitachi’s recent acquisition of Thales’ ground transportation systems business is expected to strengthen its position in the global rail signaling market.
Despite facing challenges such as exchange rate fluctuations and global economic uncertainties, Hitachi remains optimistic about sustaining its growth trajectory through strategic investments and expansion into innovative technology solutions. The company’s balance sheet shows total assets rising to ¥13.4 trillion (US$92.9 billion).
