Japanese equipment manufacturer Komatsu has seen an increase in sales this quarter, recording sales of US$5.8 billion. This is an increase of 17.8% from the same period in 2021.
Komatsu attributed the increase to an increase in selling prices, which offset the higher prices of materials and logistics.
Komatsu's construction, mining and utility equipment saw an increase in demand overall, with spikes in North America and in Asia.
This segment recorded a jump in profit of 55.3% to US$632.3 million, with sales increasing in North America by 49.3%, Asia by 40.2%, and Latin America by 26.3%.
Sales for this sector increased by 20.4% from the same period last year. Komatsu projects an overall sales increase for the fiscal year of 4%.
Sales for mining equipment increased by 22% this quarter to US$2.29 billion. The Japanese company projects a 4% increase overall for the fiscal year.
Sales of machine parts increased in this quarter by 34% year-on-year, with Komatsu projecting an overall fiscal-year increase of 6 percent.
This year, Komatsu acquired Australia's Mine Site Technologies, which include digital underground platforms HELIX and AXON, as well as proximity detection solutions.
It also signed an MoU with Cummins to advance zero-emission technologies for mining haul trucks.
Komatsu is also working with Codelco to develop a mining tunnel boring machine. The companies will trial this technology in 2024 at Codelco's Chuquicamata mine in Chile.
