Hitachi Ltd. said Friday it will take longer than usual to prepare its year-to-March earnings report as the coronavirus pandemic is causing delays in book-closing work at overseas subsidiaries, joining some other major firms such as Sony Corp. in warning of an earnings announcement delay.

The electric machinery maker, which usually releases its earnings about a month after closing its books, said the earnings report for the business year ended March 31 will be in mid-May at the earliest and that any significant financial impact of the virus outbreak will be disclosed in a timely fashion before the results are reported.

The company said it is not facing any financial difficulty, having 694.5 billion yen ($6.4 billion) in cash and cash equivalents as of the end of December and 500 billion yen of unused commitment lines.

Among other major companies in Japan, Sony said late last month it may delay reporting its year-to-March business year results scheduled on April 30, while Komatsu Ltd. rescheduled its announcement from April 30 to May 18.

Electric component and industrial product maker Sumitomo Electric Industries Ltd., which has subsidiaries in the United States, Italy, the Philippines, Malaysia and India among other countries, also said Friday it will postpone the release of its financial results by one week to May 19.

==Kyodo

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