Demag Cranes profits up
German-based industrial, port and overhead crane manufacturer Demag Cranes has reported an increase in group profits for the fiscal year 2009/2010, in spite of lower revenues. Group net income after tax rose to €27.8 million from
€1.2 million in 2009. Earnings per share also increased to €1.31 from €0.04 year ago.
Group revenues, however, fell 11.1 percent to €931.3 million from €1.05 billion last year. In the next fiscal year 2010/2011, Demag Cranes expects revenues to increase to between €970.0 million and €1 billion.
The company proposed a dividend of €0.60 per share at its AGM.