Hitachi revenues up +27.7%

Hitachi Construction Machinery's sales for the fiscal year ending March 31 2011 were up +27.7% on last year to JPY 774 billion (US$ 9.47 billion). Operating profits more than doubled from JPY 19.7 billion (US$ 241 million) in fiscal 2010 to JPY 41.5 billion (US$ 508 million) this year.

The biggest rise in sales last year was to Russia and the CIS, where Hitachi's revenues almost doubled to JPY 65.1 billion (US$ 797 million). There was also a +67.4% rise for sales in the Americas, taking the total for this region to JPY 62.4 billion (US$ 763 million).

However, Hitachi's biggest single market last year was China, where its revenues came to JPY 205 billion (US$ 2.51 billion) - 26.4% of the total. Other markets in Asia and Oceania also made a sizeable contribution, with revenues of JPY 202 billion (US$ 2.48 billion).

Revenues from Japan meanwhile came to JPY 173 billion (US$ 2.11 billion), a rise of just +0.6% on the previous year. The European market was also subdued, with revenues rising just +4.5% to JPY 66.4 billion (US$ 812 million).

Looking ahead, Hitachi sees bright prospects around the world. "The global demand for hydraulic excavators has been growing, especially in China, India, Indonesia and Russia etc. and demand in North America increased due to replacement demand, especially from rental companies. Demand in Europe recovered as well, hence overall demand for Fiscal 2011 is expected to exceed the global demand of the previous year," it said in a statement.