According to Japanese news sources, consolidated sales rose 2% on the same period last year to 250m, while consolidated ordinary profit fell 40% to 10.4m.

It was hit by an exceptional charge totalling 21m to account for the bankruptcy of dealer Chiyoda and the devaluation of Komori stocks.

Consolidated net profit for the full year ending March 2003 is expected to total 4.1m, down 78% on the previous year, with ordinary profit down 11% to 31m.

Komori UK marketing director Philip Dunn said that in the current environment the result was satisfactory. "It is important to understand that the provision was extraordinary, and that without that, the ordinary profit equates to 10.4m."