13.11.2006

Palfinger on track for record year

Leading loader crane producer Palfinger has posted record third quarter revenues up by 13.3 percent to €437.2 million (£232.5 million) on the same 9 month period of 2005.

Earnings Before Interest and Tax rose at a more healthy 12.7 percent to €59.3 million (£31.5 million) well ahead of the five percent declared in its first half figures.

As in previous quarters, the record numbers are primarily achieved through the cranes business in Europe. In North and South America revenues rose by 16.9 percent to €55.9 million (£29.7 million) over the same period in 2005.
Consolidated net profit was €41.8 million (£22.2 million), up 11 percent.

A €13 million (£6.9 million) investment (up 30 percent on 2005) in property, plant and equipment will hopefully reduce bottlenecks resulting in increased production capacity which limited 2005 production.

The Hydraulic Systems and services division, essentially everything except cranes, increased its revenues by more than 17 percent to €128.3 million, but only saw its losses slightly reduce to €3.7 million.

Based on the figures to date, the company says it is confident of reaching its 2006 targets.