(MENAFN) Hitachi Ltd, which posted a 28-percent decline in its third-quarter profit, lowered its forecast for full year operating profit by nearly 13 percent to USD4.5 billion, reported Reuters.
Japan's biggest industrial electronics company attributed the move to Europe's sluggish economic recovery and a slowdown in emerging markets, including China and India, which would reduce demand for the firm's electronic products, including semiconductors.
In the October-December period, the company's operating profit fell to USD735 million, compared with USD1.02 billion a year before.
The decline resulted from a drop in profit at the company's construction machinery operations and its high functional materials and components operations.
Hitachi, whose products range from lightbulbs to nuclear plants, has been revamping its empire of nearly 900 companies since posting one of the biggest losses in Japan's corporate history.
It is worth noting that in October, Hitachi acquired a British nuclear project for USD1.1 billion as it plans to expand in markets outside Japan.