Hitachi cut its annual profit forecast at 13%

Hitachi cut at about 13% profit forecast in the year closed, for $ 4.5 billion, citing a weak economic recovery in Europe and a slowdown in emerging markets.
The manufacturer, which has been cutting costs and trying to get into segments that are growing, such as infrastructure, had 28% drop in quarterly profit, to something close to $ 739,7 million. The result was below the average forecast, according to Thomson Reuters.
"The Economic Outlook of our economy must remain obscure, including not only the extended adverse scenario in Europe and a slowdown in emerging markets, including China and India," said the manufacturer said in a statement.
The company, whose products range from light bulbs to nuclear power plants, said a slow recovery in global demand for electronic products.
Brazil
Hitachi Data Systems (HDS), a subsidiary of Hitachi, opened its first factory in Brazil in Hortolândia, São Paulo State, last year. The value of the deal, however, was not released by the company. The logistics company's decision weighed in.