Kito's sales decline

Kito Corporation, Japan's leading manufacturer of hoists and chain blocks, has reported a 6.5% drop in sales for the six months to 30 September 2002.

Kito sales for the first half of this financial year were ¥10.37bn ($84.5m), compared with ¥11.09bn ($90.4m) for the same period last year.

Operating profit was down 36% to ¥446m ($3.6m) and net profit was down 33% to ¥156m ($1.3m).

However, for the full year Kito is forecasting a return to net profit. The company said that it expects to make ¥390m ($3.2m) for the full year, having made a net loss of ¥1.22bn ($9.9m) in the year to 31 March 2002.