Komatsu Q1 profit rises sixfold on emerging markets

TOKYO, July 28 (Reuters) - Japan's Komatsu Ltd (6301.T), the world's No.2 construction machinery maker, reported a more than sixfold jump in quarterly profit due to strong demand in emerging markets and kept its recently upgraded annual outlook.

Komatsu, which competes with industry leader Caterpillar Inc (CAT.N) and Hitachi Construction Machinery Co (6305.T), said its operating profit rose to 54.1 billion yen ($614 million) in April-June from 8.3 billion yen a year earlier.

The Tokyo-based company reiterated its forecast for operating profit to nearly triple to 179 billion yen in the financial year to March 2011. It had raised its outlook two weeks ago citing strong sales in emerging markets. [ID:nN22131006]

Last week Caterpillar reported a stronger-than-expected quarterly profit and lifted its annual outlook, while Hitachi Construction on Tuesday reported a return to profit in the latest quarter on a 26.5 percent jump in sales. [ID:nLDE66L1LA]

Before the announcement, shares of Komatsu rose 1.6 percent to 1,814 yen, underperforming a 2.7 percent rise in the benchmark Nikkei .N225 average. (Reporting by Nobuhiro Kubo; Editing by Chris Gallagher)