Komatsu expects 70% boost

News Story
- 24 Nov 2005 ( #236 ) - TOKYO, Japan
1 min read
Despite rising steel costs, Komatsu Ltd has announced a 72.6 per cent jump in operating profit for the six months ending September 20, 2005.

The company said in an interim financial report that consolidated net sales for the six months increased 18.4 per cent to JPY809.7 billion (USD6.8 billion). Komatsu's construction and mining equipment business boosted sales in all major world regions while domestic and overseas demand for forklifts and industrial machinery caused sales in that segment to rise too.

Operating profit increased 72.6 per cent to JPY79.6 billion (USD670.3 million) from last year's corresponding period. Komatsu said while costs increased because of rising steel costs, the company increased its operating profit because it undertook measures to cut production costs and increase sale prices.

Improved sales in the company's business segments also contributed to the higher operating profit. Consolidated net sales of industrial machinery, vehicles and other products for the interim period were JPY140.5 billion (USD1.18 billion), up 14.1 per cent from last year's corresponding period.

Komatsu Forklift Co Ltd's sales increased because it capitalised on an increase in domestic and overseas demand and worked aggressively to expand sales of its mainstay LEO-NXT-V engine-driven series, the report said.

The company forecast a 70 per cent boost in net income for the fiscal year ending March 31, 2006.
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