Kubota Corp. last week reported that first-half net income dropped 46 percent to 19.3 billion yen (about U.S. $214.5 million) in the six months ended Sept. 30. Sales fell 22 percent in the first-half of the year to 444.6 billion yen (U.S. $4.9 billion).

Construction machinery sales fell 47 percent to 28.3 billion yen (U.S. $314.5 million) in the first six months, while the company’s tractor sales fell 32 percent to 134 billion yen (U.S. $1.5 billion).

The company raised its annual profit forecast to 41.5 billion yen (U.S. $461.1 million) from 40 billion yen (U.S. $444.5 million).