Hitachi posts 51.1% profit jump

 Japan's Hitachi said Monday group net profit surged 51.1 percent inthe full year to March, thanks to improved sales in information systems and itssocial infrastructure business.Net profit soared to 264.98 billion yen ($2.60 billion), the electronics and machinerymaker said. Operating profit rose 26.3 percent to 532.81 billion yen on sales of 9.62trillion yen, a rise of 6.4 percent from a year earlier.Revenue and profits in its power generation systems business sank as its thermalpower plants business was integrated into a joint venture with Mitsubishi HeavyIndustries.But the slump was more than offset by robust business in elevators for the Chinesemarket and in information systems, Hitachi said.Household appliances, such as refrigerators, also fared well due to a rush indemand ahead of a sales tax hike in April, it said.Consumption tax in Japan rose from five to eight percent at the start of the month.A number of consumer-facing industries reported a surge in sales in the final weeksof the financial year as buyers rushed to make purchases before the price went up.Hitachi's bottom line was also lifted by gains on the evaluation of shares it holds inthe joint venture with Mitsubishi Heavy Industries, it said.Hitachi now expects a net profit of 230 billion yen for the full year to March 2015 onsales of 9.4 trillion yen.