ME home
 
  SME FaceBook SME Twitter SME LinkedIn RSS Feed

Subscriber or
SME Member Log On

WEB-ONLY CONTENT

Go to SME eNEWS

MINING INDUSTRY EVENTS

ALTA 2018 Nickel-Cobalt-Copper, Uranium-REE & Gold  - Conference
May 19, 2018 - May 26, 2018
Filtered, Paste & Thickened Tailings  - Seminar
Jun 5, 2018 - Jun 8, 2018
SMRI Spring 2018 Technical Conference  - Conference
Jun 17, 2018 - Jun 18, 2018
2018 North American Tunneling Conference  - Conference
Jun 24, 2018 - Jun 27, 2018

METAL PRICES


Au
Ag
Pt
Pd
Ni
Cu
Al
Pb

AGGREGATES
AND MINERALS
MARKETPLACE


http://aggregatesmineralsmarketplace.com
The Mining Engineering, SME and NSSGA
Online Buyers Directory Site
The Online Global Mining and Minerals Library Site

Komatsu cuts its full year profit target
October 28, 2013

The slow down in global mining is hitting mining equipment makers hard. On Oct. 28, Komatsu, the second largest mining equipment maker in the world, cut its full-year profit forecast by 26 percent after its commodity-producing customers curtailed spending on new equipment.

Net income is estimated at 136 billion yen ($1.39 billion) in the 12 months ending March 31, down from the 184 billion yen projected in July, Tokyo-based Komatsu said in a regulatory statement.

The report comes about a week after Caterpillar, the largest equipment maker in the world, reported lower than expected earnings (ME, Oct. 23).

Slumping demand from mining companies in Latin America, Indonesia and Australia is overshadowing growth in Japan and a recovery in China, Komatsu said.

Caterpillar said on Oct. 23 that earnings will fall to about $5.50 a share on sales of $55 billion this year. In July, it forecast per-share profit of about $6.50 on sales of $56 billion to $58 billion.

For the first half ended Sept. 30, sales of construction and mining equipment in Asia outside Japan and China fell 30 percent to 91.9 billion yen, Komatsu said. Japan sales rose 13 percent to 150 billion yen, while China revenue gained 16 percent to 72.8 billion yen, Bloomberg reported.

BHP Billion Ltd. (BHP) and Rio Tinto Group, both Komatsu customers, are among mining companies that have cut billions of dollars of capital expenditure this year.

 

Related article search: