05.05.2009

Profts drop 50% at Demag Cranes

Demag Cranes, the world’s largest maker of mobile harbour and industrial cranes has reported second-quarter profits down 50 percent, while order intake fell by 43 percent.

Net income dropped to €8.1 million from €19.5 million, the company said in a statement today. It said orders fell by more than half both for port and industrial cranes, while revenues were just 4.8 percent lower at €268.2 million.

The statement said that the drop in new orders necessitates capacity adjustments that cannot be effected through a short work-week alone and staff reductions cannot be ruled out.