Hitachi to Widen Loss Forecast on Job Cut Costs, Paper Says
By Minoru Matsutani
02/27 20:09
quote.bloomberg.com
Tokyo, Feb. 28 (Bloomberg) -- Hitachi Ltd., Japan's biggest electronics maker, will widen its annual loss forecast because of declining value of stockholdings and higher severance payments, the Yomiuri newspaper said, without citing sources.
Japan's third biggest chipmaker will post a loss of about 400 billion yen ($3 million) in the year ending March 31, compared with the previous forecast of 230 billion yen loss made in October, the paper said.
The company earned 104 billion yen in the year-ago period.
The company will cut salaries of employees of managerial positions by 10 percent from April 1, the paper said.
Hitachi will announce the earnings revision today, the report said.
Hitachi said last month it is planning to cut an additional 4,000 workers by June, bringing total job cuts to 6 percent of its workforce.
Hitachi shares rose 3.2 percent in the first hour of trading to 851 yen.
(Yomiuri, 2-28) For the Yomiuri Web site, see {DYOL }. |
