24.10.2013

Modest rise at Hiab

Hiab has reported one percent increase in nine month revenues, with a more rapid rise in the third quarter.

Total revenues for the nine months was €611 million, with operating income dropped 26 percent to €13.5 million due to restructuring costs – on a like-for-like bases profits improved 10 percent to €20.5 million.

Looking at the third quarter revenues increased four percent to €198 million, driven by a six percent increase in orders to €203 million. Operating profits in the quarter edged up four percent to €5.6 million.

Hiab parent Cargotec also owns reach stacker and harbour crane manufacturer Kalmar which, reported flat revenues for the nine months at €1.08 billion, with flat operating profits at €38 million. Ship crane company MacGregor saw revenues decline by 24 percent to €576 million thanks to delayed deliveries and servicing work. Order intake jumped 44 percent to €650 million, and operating profits halved to €46 million.

The Cargotec group posted revenues down seven percent to €2.3 billion for the nine months, while pre-tax profits fell 38 percent to €67.7 million.
Chief executive Mika Vehviläinen: “Market activity continued to be positive during the third quarter and our orders reached the comparison period level, although at MacGregor we did not reach the previous quarter level. Our sales declined five percent, as the delivery volumes remained lower than in the comparison period's level, mostly due to slippages at MacGregor.”

“The profitability development in Kalmar and Hiab has shown positive signs during the year. Continued project cost overruns in Kalmar and lower profitability than expected earlier this year in MacGregor have disappointed us. A significant number of measures are being taken to improve Cargotec's profitability. During the last quarter of the year, we will focus on fulfilment of deliveries and releasing working capital.”