Revenues at Kobelco Cranes fell 19.3% in the first quarter of the fiscal year from April to June, to JPY 9.5 billion (US$ 122 million). The company's operating loss for the quarter was almost unchanged from the same period last year at JPY 400 million (US$ 5.1 million).
The company said unit sales were up compared to a year ago, thanks to improving the demands of reconstruction work in Japan, along with a market recovery in North America and South East Asia. However, it said that changes in the types of cranes being sold had led to the downturn in revenues.
The company's forecasts for the full year are for a moderate increase in revenues from JPY 48 billion (US$ 614 million) in fiscal 2011, to JPY 49 billion (JPY 627 million). However, it expects last year's operating profit of JPY 100 million (US$ 1.3 million) to turn to a loss of JPY 1.5 billion (US$ 19 million) this year.
"Domestic demand is forecast to increase owing to recovery and reconstruction work after the Great East Japan Earthquake last year. In overseas markets, demand on the whole is recovering," the company said in a statement.
