For the first six months of 2020, revenue at Kubota Corporation and its subsidiaries decreased by 8.9 percent compared to the same six months in 2019.
Domestic revenue for the Japanese company decreased by 6.4 percent. Overseas revenue, which includes North America, decreased by 10.1 percent because of decreased sales of construction machinery, tractors, and engines.
In the farm and industrial machinery segment, revenue decreased by 10.2 percent in the same six-month comparison. Overseas sales recorded a 10.5 percent decline.
The company said that sales of farm equipment and agricultural‐related products decreased primarily as a result of the adverse reaction from rushed demand before the consumption tax hike and a negative effect from voluntary restraint of sales activities along with the spread of COVID‐19.
The company reported that in North America, retail sales had been strong since April due to the positive effect of introducing new models.
Kubota did not announce forecasts for the year because uncertain circumstances created by the pandemic make forecasting difficult.