Diversified manufacturer, Joyce Corporation, has become less optimistic of achieving another 15 per cent increase in earnings this year after a drop in performance in the first quarter by its rural division.

Chairman Mr Dan Smetana told shareholders at the annual meeting in Perth yesterday the company's first half was likely to be poorer than the corresponding period last year, but he remained confident the company still would lift its full-year profit beyond last year's $3.5 million.