TOKYO (dpa-AFX) - Komatsu Ltd. (KMTUY.PK), a Japanese manufacturer of construction machinery and vehicles, reported Friday that its first-half net income attributable to the company totaled 101.7 billion Japanese yen, up 171.2% from 37.52 billion yen a year ago.
Operating income expanded 75.6% from a year ago to 112.6 billion yen, driven by increased sales in many regions of the world, more than offsetting temporary expenses incurred in relation to the acquisition of the former Joy Global Inc. The operating income ratio improved 1.6 percentage points to 9.7%.
For the first six-month period, consolidated net sales totaled 1.16 trillion yen, up 45.6% from 796.11 billion yen a year ago.
In the construction, mining and utility equipment business, the six-month sales expanded sharply from last year, as Komatsu steadfastly capitalized on demand in China, Indonesia and many other countries.
Komatsu also benefited from the new addition of Joy Global, currently Komatsu Mining Corp., a U.S. manufacturer of mining equipment in which Komatsu completed the acquisition in April 2017.
Looking ahead, for the fiscal year 2017, the company now expects attributable net income of 159 billion yen or 168.58 yen per share, and operating income of 216 billion yen. Net sales are expected to be 2.33 trillion yen.
Previously, the company expected attributable net income of 92 billion yen or 97.56 yen per share, operating income of 156 billion yen, and net sales of 2.14 trillion yen.
The revised forecast reflects growth from last year.
Copyright RTT News/dpa-AFX