(Updates with nuclear business outlook in third paragraph.)
June 16 (Bloomberg) -- Hitachi Ltd. lowered its target for power-system sales next fiscal year by 3.3 percent as the company expects less revenue from the nuclear energy business than previously estimated.
Japan’s second-largest maker of nuclear reactors reduced its sales target for the power-system business to 870 billion yen ($11 billion) in the 12 months ending March 2013 from a previous goal of 900 billion yen, the Tokyo-based company said today in a statement. Hitachi also cut its goal for fiscal year 2015 to 1.1 trillion yen from 1.2 trillion yen.
The company said last week its nuclear business may generate sales of 360 billion yen in the year ending March 2021, 5 percent less than its previous goal. Net income may drop 16 percent this fiscal year as Japan’s record earthquake and tsunami on March 11 crippled Hitachi’s factories, the company said on June 9.
Hitachi, which also makes solar plants and wind-power facilities, aims to generate 280 billion yen in revenue from renewable energy operations and power distribution in the year ending March 2016, it said today.
Hitachi fell 1.1 percent to 469 yen as of 9:45 a.m. in Tokyo trading, narrowing its gain this year to 8.3 percent.
--Editors: Terje Langeland, Lena Lee
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