French forklift maker Manitou posted a EUR22.5 million (USD26.6 million) net profit for the first half of 2003, down 1.8% from EUR22.9 million (USD27 million) in the first half of last year.

Manitou's operating profit fell 2.6% to EUR34.3 million (USD40.5 million), and group turnover fell 7.3% to EUR329.5 million (USD389 million).

Manitou, in its financial report, said it would reach its target of a 7% turnover increase for the second half.