Hitachi Zosen Reports Extra Profit

Major Japanese shipbuilder Hitachi Zosen Corp. will obtain an extraordinary profit of $140 million in the ending in September due to a sale of idle land. It will sell 30,316 sq. meters of land in Osaka for $150 billion to an affiliated Osaka-based real estate firm on Sept. 30. The company also announced extraordinary losses of $130 million in the first half due to early retirement pay. It has not revised its earnings forecast for the year ending in March 2000.