Business

Friday May 8, 2009

Hitachi sees bigger loss on tax costs


TOKYO: Japan’s Hitachi Ltd said it will report a bigger-than-expected net loss for the last financial year on tax costs, but it more than tripled its operating profit estimate on solid sales of power and industrial systems.

Set to post the biggest ever annual loss by a Japanese manufacturer, Hitachi has said it plans to cut costs drastically by exiting unprofitable businesses and closing plants.

Hitachi said its net loss likely totalled 788 billion yen (US$8bil) for the year ended March 31, wider than its previous estimate of 700 billion yen. – Reuters


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FRANKFURT: Luxury carmaker Porsche Automobil Holding SE slammed the brakes on attempts to take over Volkswagen AG and instead agreed to explore a merger with Europe’s biggest car maker.

The deal would represent a climb-down because Porsche is abandoning its goal of trying to dominate Volkswagen by building a 75% stake. It now owns about 51% of VW. – Reuters

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