For the year ended Dec. 31, revenue of Kubota Corp. and its subsidiaries decreased by 3.5 percent from 2019.
Domestic revenue for the Japan-based company decreased by 4.8 percent for the year. Kubota attributed the dip in revenue to losses in the farm and industrial machinery segment caused by circumstances related to COVID-19, as well as a consumption tax hike.
Overseas revenue decreased by 2.8 percent because of “significantly decreased revenue in farm and industrial machinery mainly due to delay in production and shipment, while demand caused by stay-at-home lifestyle increased along with the infection spread of COVID-19.”
Revenue in the farm and industrial segment decreased by 3.2 percent compared to the previous year. It accounted for 81.4 percent of consolidated revenue.