Hitachi expects 50% drop in net profit due to UK nuclear woes

Company reduces total hit with sales of stakes in other investments

Workers build a Fukushima decommissioning robot at a Hitachi-GE joint venture in Japan. The Japanese industrial group's overseas nuclear business has stalled. (Photo by Takuya Imai)

TAKEHIKO HAMA, Nikkei staff writer

February 2, 2019 04:33 JST

TOKYO -- Hitachi now expects net profit to fall by half to 180 billion yen ($1.64 billion) for the year ending in March, upgrading its estimate thanks to share sales that cushioned the blow of a U.K. nuclear business write-down.

The Tokyo-based industrial group on Friday upgraded its estimate by 80 billion yen, or $730 million, to reflect the sale of stakes in a British train-leasing company and a unit that makes lithium-ion batteries for autos.