Hitachi Construction Machinery Co., Asia's second-largest maker of earthmoving equipment, swung to a first-quarter loss as the recession eroded sales and cut its full-year earnings forecast.
The net loss was 8.6 billion yen ($90.6 million) for the three months ended June 30 compared with a profit of 12.5 billion yen a year earlier, the Tokyo-based company said today in a statement. Sales fell 43 percent to 132.3 billion yen.
Demand plummeted this year as the global economic slowdown triggered a market slump. The company today forecast global industry excavator demand would drop more than it anticipated this fiscal year, as stronger demand in China and Southeast Asia fails to offset declines in the U.S., Europe and Japan. |
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