Hitachi Construction Machinery Co (HCM)'s consolidated subsidiary TCM Corp will contribute to half the forecasted JPY120 billion (USD1.06 billion) increase in sales revenue for fiscal 2005-06.
According to the Japanese financially daily, Nihon Keizai Shimbun
, sales for HCM are forecasted at JPY570 billion (USD5.01 billion).
The group's pre-tax profit increased 20 per cent to JPY40 billion (USD351 million) for the financial year ending March 2005, due to strong demand from overseas mining companies. Hitachi had earlier expected the group's pretax profit to increase 8 per cent to JPY36.3 billion (USD319 million).
Forkliftaction.com News reported that TCM's financial results would be part of HCM's consolidated results, as of the final quarter of fiscal 2005-06, ending March 2006.
(Forkliftaction.com News #209
HCM became the largest single shareholder of TCM in July 2003 when it acquired a 30 per cent stake in the company. By April 1, 2005, the shareholding had reached 46 per cent.