Oct. 29, 2024
Komatsu Ltd. today announced its consolidated business results for six months of the fiscal year ending March 31, 2025 (U.S. GAAP). The highlights are described below.
1. Results for six months ended September 30, 2024
For the first six-month period (April 1- September 30, 2024) of the fiscal year ending March 31, 2025, consolidated net sales totaled JPY 1,968.1 billion, an increase of 8.0% from the corresponding period a year ago. In the construction, mining and utility equipment business, while sales for construction equipment decreased, that for mining equipment increased. There was also the impact of the Japanese yen's depreciation and the effect of improved selling prices in most regions of the world, thereby sales increased from the corresponding period a year ago. In the industrial machinery and others business, sales increased from the corresponding period a year ago, supported primarily by increased sales of large presses for the automobile manufacturing industry and increased maintenance sales in the excimer laser-related business for the semiconductor industry.
With respect to profits for the first six-month period under review, operating income increased by 2.2% from the corresponding period a year ago, to JPY 303.4 billion. This was supported by an increase in profits in the retail finance and industrial machinery business, which more than offset the adverse effects of reduced sales volume and cost increase, thereby reduced profits in the construction, mining and utility equipment business. The operating income ratio decreased by 0.9 percentage point from the corresponding period a year ago to 15.4%. Income before income taxes and equity in earnings of affiliated companies decreased by 3.3% from the corresponding period a year ago to JPY 278.7 billion. Net income attributable to Komatsu Ltd. decreased by 1.9% from the corresponding period a year ago to JPY 201.7 billion.
2. Projections for the fiscal year ending March 31, 2025（FY2024）
As Komatsu projects business results to outperform its initial projection announced on April 26, 2024, due to the Japanese yen’s more-than-anticipated depreciation during the first six-month period, it has revised projected consolidated sales and profits for the fiscal year ending March 31, 2025.
Komatsu makes no change to the average exchange rates assumed in its projection for the second six-month period announced on April 26, 2024 (USD1=JPY 140.0, EUR1=JPY 149.0, and AUD1=JPY 90.0). With respect to average exchange rates for the full year, due to the Japanese yen’s more-than-anticipated depreciation during the first six-month period, Komatsu now estimates them as follows: USD 1=JPY 147.0, EUR 1-JPY 157.8, and AUD 1=JPY 95.8 (Initial assumption: USD 1-JPY 140.0, EUR 1-JPY 149.0 and AUD 1-JPY 90.0).
