Wednesday, April 6, 2011

Hitachi’s Profit Will Deteriorate on Quake, President Says

April 6 (Bloomberg) -- Hitachi Ltd., one of the three main manufacturers of nuclear reactors at Fukushima Dai-Ichi, said profit will likely deteriorate after Japan's record earthquake damaged company plants and choked supply of power and parts.

"I apologize for not being able to give a specific figure on earnings," President Hiroaki Nakanishi told reporters in Tokyo today. "We'll probably take at least six months to calculate the impact." The company will review its nuclear power business plans, he said without elaborating.

Japan's record earthquake and tsunami on March 11 led to blasts and radiation leaks at Tokyo Electric Power Co.'s Fukushima Dai-Ichi nuclear plant. Hitachi, which built reactor No. 4 on the Fukushima site, has lost 18 percent of market value since the quake. Japan's third-biggest company by revenue suspended six plants in northern Japan following last month's the disaster.


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