TOKYO (Reuters) - Japanese industrial conglomerate Hitachi Ltd (6501.T) reported a stronger-than-expected quarterly profit on Friday, helped by lower costs as well as strong sales of high-speed trains in Britain and construction machinery in China.
The electronics-to-elevators maker said its April-June operating profit jumped 44 percent from a year earlier to 131.8 billion yen ($1.19 billion). The market expected an operating profit of around 96 billion yen, based on the average of seven analysts’ estimates compiled by Thomson Reuters I/B/E/S.
Hitachi has driven down costs and shifted away from unprofitable businesses in recent years. Its 6.3 percent operating margin, up from 4.3 percent a year earlier, was a record high.
Chief Financial Officer Mitsuaki Nishiyama told reporters that the company would maintain its sales and profit outlook for the full year, however, citing uncertainty over China’s economy in the second half of the year.
Reporting by Kentaro Hamada; Editing by Christopher Cushing