Business Leap Frontier

Japanese electronics giant, Hitachi Ltd suffered its worst-ever yearly net loss for the financial year 2008 that finished in March.

The company said its gross loss for the third economic quarter totaled 4.14 billion dollar (371 billion yen), evaluated to a 12.5 billion total revenue a year earlier. Shares of Hitachi Ltd fall 17 per cent to their lowest in twenty-nine years after it shocked shareholders with a record 7.8 billion dollar yearly loss warning. Tuesday, in a statement Hitachi said,

The economic outlook also remains unpredictable against a backdrop of concerns about slowing economic growth in China and emerging markets, the yen’s run up and falling share prices.

The company offered a cost-cutting program that also failed to fill confidence for a quick recovery.  In January, Hitachi declared job cuts of up to seven thousands as part of its rehabilitation plan. The company said it looks for 200 billion yen in savings by closing unbeneficial businesses and reformation factories.