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HITACHI POSTS LOWER SALES AND PROFITS

 TOKYO, May 27 /PRNewswire/ -- Hitachi, Ltd. (NYSE: HIT) announced today that its consolidated sales for fiscal 1992, which ended March 31, 1993, came to 7,536,166 million yen ($64,967 million), a 3 percent decrease from the preceding year.
 These consolidated business result are for Hitachi, Ltd. and its 818 subsidiaries, including 219 overseas corporation.
 Hitachi says it registered lower sales as a result of the global economic slowdown. Net income decreased by 39 percent to 77,289 million yen ($666 million). The company attributed this to increased price competition in computer products and also to the sluggish sales of audio visual equipment.
 In Information Systems & Electronics, computer sales were sluggish. This was attributed to reduced investment in the domestic market and intensified competition for mainframes overseas. Semiconductors, on the other hand, registered flat sales because growing demand for 4-megabit DRAMs in overseas markets offset sluggishness in the domestic market. In Power & Industrial Systems, industrial systems registered slower sales. Power systems, however, showed solid growth as domestic electric power companies maintained high investment levels. In Consumer Products, growth was dampened by the slow sales of audio visual equipment and a decrease in air conditioner sales owing to a cool summer. Slack domestic demand also caused a decrease in sales by Materials & Others.
 The company spent 501,191 million yen ($4,321 million) on research and development. R&D expenditures as a percentage of sales amounted to 6.7 percent, unchanged from the preceding year.
 During the fiscal year, Hitachi's plant and equipment investment amounted to 615,345 million yen ($5,305 million), a decrease of 19 percent from the preceding year, with top priority directed to the electronics sector.
 All figures were converted at the rate of 116 yen equals U.S. $1, the approximate exchange rate on the Tokyo Foreign Exchange Market on March 31, 1993.
 -0- 5/27/93
 /CONTACT: Charlie Naito, 914-333-2902 or Rick Leonard, 212-614-4908, both for Hitachi/
 (HIT)


CO: Hitachi, Ltd. ST: IN: CPR SU: ERN

LR-SM -- NY004 -- 2786 05/27/93 09:00 EDT
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Publication:PR Newswire
Date:May 27, 1993
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