Hitachi plunges further into the red

TOKYO: Electronics maker Hitachi Ltd posted the biggest ever annual loss for a Japanese manufacturer and warning of more red ink, said it doesn't expect the global economy to recover until next year at the earliest.

Hitachi, which produces everything from home appliances to medical equipment to nuclear power systems, said yesterday it lost 787.3 billion yen ($8.1 billion) for the fiscal year through March. That was far worse than last year's 58.1 billion yen loss and marks the company's third straight year in the red.

Annual revenue tumbled 11 percent to 10 trillion yen, and operating profit - which reflects its core business - plunged 63 percent to 127.1 billion yen.