Komatsu Ltd., the world¡¯s second-largest maker of construction equipment, cut its full-year profit forecast by 26 percent Monday after its commodity producing customers curtailed spending on new equipment.
Net income is estimated at ?136 billion in the 12 months ending March 31, down from the ?184 billion projected in July, Tokyo-based Komatsu said.
Slumping demand from mining companies in Latin America, Indonesia and Australia is overshadowing growth in Japan and a recovery in China, Komatsu said. The lower forecast follows a similar move by Caterpillar Inc., which last week cut its 2013 sales and profit outlook.
Caterpillar said on Oct. 23 that earnings will fall to about $5.50 a share on sales of $55 billion this year.
For the first half that ended Sept. 30, sales of construction and mining equipment in Asia outside Japan and China fell 30 percent to ?91.9 billion, Komatsu said. Japan sales rose 13 percent to ?150 billion, while China revenue gained 16 percent to ?72.8 billion.
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