27.10.2011

Cargotec boosts profits

Cargotec, owner of Hiab and Kalmar has reported a strong increase in revenues, while doubling profits.

Looking first at the Industrial and Terminal division, which comprises Hiab and Kalmar. Revenues for the nine months to the end of September were up 31 percent to €1.06 billion, with order intake was also up 31 percent at €1.23 billion. Operating income for the division more than quadrupled to €61.5 million.

Moving to the third quarter revenues grew by 20 percent to €456 million, with order intake growing 45 percent to €566 million. Operating income was 37 percent to €20.7 million. The Hiab/Kalmar order book at the end of the period was €943 up 33 percent on last year.

Cargotec Group

Looking at Cargotec as a whole. Year to date numbers show revenues climbing 26 percent to €2.36 billion, while pre-tax profits more than doubled compared to last year €148.3 million for the period to the end of September.

In the third quarter revenues climbed by 19 percent to €€753 million while pre-tax profits climbed over 46 percent to €51.3 million. Order intake in the quarter kept pace with the revenue growth increasing 19 percent to €811, taking the company’s order book to €2.35 billion – roughly the same as it was this time last year.

Chief executive Mikael Mäkinen said: "Orders continued to grow in the third quarter, despite the prevailing economic uncertainty. These included a five-year frame agreement for equipment deliveries to the US department of defence and an agreement for the automation of a US port. We also continued to receive significant marine crane orders from China.”

“In addition, we are proud that, at the beginning of October, DP World chose Cargotec as its partner for the London Gateway port automation project. Sales growth for January-September supports our guidance for the full year. In Industrial & Terminal we will continue our determined work to improve profitability by dividing the business in two."