28.04.2011

Cargotec up 37%

Cargotec, owner of Hiab and Kalmar brands has reported first quarter sales up 37 percent with a sharp increase in profits.

The Industrial & Terminal division – Hiab and Kalmar – saw revenues increase 41 percent to €442 million, while order intake grew 29 percent to €535 million, pushing the division’s backlog up 22 percent to €778 million. The division made an operating profit of €18.8 million compared to a loss in the same quarter last year of €8.9 million.

Looking at the grou0p as a whole, total revenues were €763 million, 37 percent higher than at the same time last year. Order intake grew by the same level totalling €819 million taking the backlog up six percent to €2.37 billion.
Pre-tax profits at the group jumped 257 percent from €6.8 million last year to €46.4 million this year.

Cargotec’ s chief executive Mikael Mäkinen said: "Market activity for cargo handling solutions has, despite the natural catastrophes afflicting the world, strengthened to the extent that we raise our estimated sales growth for 2011 to approximately 20 percent. Our strong order intake for the first quarter confirms our success in the markets. The profitability improvement in Industrial & Terminal compared to the previous quarter is important for us, even if sales were slightly lower. After the regulatory approvals of the Navis acquisition at the end of March, the development of our container terminal segment was started."