Globeride suffered a 45 percent drop in net income to ¥1.12 billion yen (€8.0m-$10.9m) for the nine months ended Dec. 31. The company, which was formerly called Daiwa Seiko, saw its sales rise by 12 percent to ¥50.64 billion (€361.1m-$493.7m) for the period, but its operating earnings fell by 24 percent to ¥2.44 billion (€17.4m-$23.8m). The forecast for the full financial year is a drop in operating profit of 16 percent to ¥2.3 billion (€16.4m-$22.4m) and a small increase in net profit to ¥2.0 billion (€14.3m-$19.5m) on 5 percent higher sales of ¥62.5 billion (€445.7m-$609.4m).

Topics