OREANDA-NEWS. Hitachi Corporation reported its consolidated financial results for the year ended March 31, 2013 (fiscal 2012).

Hitachi’s consolidated revenues for fiscal 2012 decreased 6% year over year, to 9,041.0 billion yen, due mainly to the sale of the hard disk drive business in fiscal 2011. However, revenues rose in the Social Infrastructure & Industrial Systems Segment, where the elevator and escalator business in China performed strongly, and in the Power Systems Segment, mainly as a result of taking-over of part of the transmission and distribution business from Japan AE Power Systems Corporation.

Hitachi posted operating income of 422.0 billion yen, an improvement of 9.7 billion yen from fiscal 2011. This improvement mainly reflected improved profitability in the Social Infrastructure & Industrial Systems Segment as a result of the strong performance in the elevator and escalator business, and continued progress with cost structure reforms under the Hitachi Smart Transformation Project. On the other hand, operating income was impacted by the sale of the hard disk drive business. In addition, there were declines in the Electronic Systems & Equipment Segment as a result of market downturns in China and Europe and in the High Functional Materials & Components Segment due to write-offs as sociated with a decrease in raw material prices.

Hitachi posted net other deductions of 77.4 billion yen, 222.9 billion yen worse year over year. This outcome primarily reflected the recording of a large net gain on securities in fiscal 2011.

As a result, Hitachi recorded income before income taxes of 344.5 billion yen, 213.1 billion yen lower than in fiscal 2011. After deducting income taxes of 106.8 billion yen, Hitachi posted net income of 237.7 billion yen, 175.0 billion yen lower year over year. After deducting net income attributable to noncontrolling interests of 62.3 billion yen, Hitachi posted net income attributable to Hitachi, Ltd. stockholders of 175.3 billion yen, down 171.8 billion yen from fiscal 2011.

Excluding the impact of selling the hard disk drive business and the small and medium-sized display business in fiscal 2011, consolidated revenues for fiscal 2012 decreased 21.8 billion yen year over year, while operating income increased 45.2 billion yen. Income before income taxes increased 36.2 billion yen, and net income attributable to Hitachi, Ltd. stockholders increased 74.9 billion yen.