25.10.2012

Hiab up 8%

Cargotec has reported its third quarter results which show revenues and profits up at its loader crane division.

Hiab revenues for the nine months were €605 million eight percent higher than in the same period last year. Order intake jumped 13 percent to €646 million, while operating income was 15.4 percent higher than last year at €18.6 million. The company’s backlog at the end of September was €229 million, 21 percent up on last year.

Looking at the third quarter revenues were up seven percent to €191 million with operating income of 5.5 million -3.3 percent higher than in the same quarter of 2011. Order intake for the quarter was $192 million up eight percent on 2011.

The Kalmar terminal division saw revenues for the nine months jump 36 percent to €1.03 billion but operating profits slipped 34 percent to €30.4 million due to cost overruns on large orders and lower service revenues. The order book at the end of September was €1.03 billion 36 percent higher than 12 months ago.

The third quarter was similar with revenues up 27 percent to €352 million, order intake dropped one percent to €383 million. Operating profit came in at €12.7 million a fall of 27 percent.

Cargotec as a whole, which also includes its Marine division, reported nine month revenues of €2.44 billion an improvement of five percent on last year. Pre-tax profits fell 27 percent to €108.7 million.

Chief executive Tapio Hakakari said: “Major restructuring has been launched in Cargotec, in order to improve profitability. In the future, each business area Marine, Terminals and Load Handling will include services and operate more independently than before. This operating model will also support Marine’s preparations for its listing in Asia. Business areas will be named after their industry leading brands MacGregor, Kalmar and Hiab.
Through these changes, we are seeking to improve our efficiency and reduce fixed costs.”