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Hitachi Q3 operating profit up, raises outlook

Tue Feb 5, 2008 1:11am EST

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TOKYO, Feb 5 (Reuters) - Japan's Hitachi Ltd (6501.T), a maker of consumer electronics to nuclear reactors, reported a 26.5 percent rise in quarterly operating profit on Tuesday on solid demand for its elevators and construction machinery.

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Japan's biggest electronics conglomerate said its group operating profit rose to to a better-than-expected 77.9 billion yen in October-December, up from an operating profit of 61.56 billion yen.

It raised its full year forecast for the year to March to 300 billion yen from 290 billion yen. That is above the consensus estimate of 290 billion yen by 14 analysts polled by Reuters.

Helped by a global hard disk drive shortage, Hitachi is focusing on turning around its loss-making flat TV business, which competes in markets controlled by bigger rivals Sony Corp (6758.T), Samsung Electronics Co Ltd (005930.KS) and Matsushita Electric Industrial Co (6752.T).

Shares of Hitachi rose 8.9 percent in October-December, outperforming Tokyo's electrical machinery subindex's .IELEC.T 7 percent fall, on hopes of further fat-cutting at the sprawling electronics group. (Reporting by Mayumi Negishi)

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