Hitachi Zosen Reports Extra Profit

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