Dramatic profit rise for Caterpillar

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The Independent Online

Caterpillar, the world's largest maker of earth-moving equipment, has revealed a fivefold profit increase during the first three months of the year as customers finally bought new equipment to replace old machines that aged during the economic downturn.

Caterpillar said the booming mining sector in particular had helped it to make a profit of $1,225m (£734m) in the first quarter, up from $233m in 2010.