10.08.2009

Cramo down 23%

Finnish based international rental company Cramo, has reported first half revenues of €216 million a fall of 23 percent on the same period last year. As a result the company posted a loss of €8.6 million compared to a profit of €34.4 million in 2008.

The second quarter showed a continuing downward trend in revenues with total sales down 29 percent to €109 million, the pre tax loss showed an improvement over the first quarter at €2.5 million but way down on last year when the company made a second quarter profit of €23.1 million.

The greatest fall in revenues come from the company’s Central and Eastern European businesses with revenues down 32 percent in local currency – translating to 39 percent in Euros.

Finland, Sweden and Denmark all saw sales drops in the region of 22 to 24 percent, while Norway, sales during the first
half of the year, although this still converted into a 7.9 percent fall in Euro terms.

Operating income was positive in Sweden, Finland and Norway. In Sweden, and says Cramo stayed at good levels, while both Denmark and Central and Eastern Europe achieved “unsatisfactory profit levels, but reorganisation measures are expected to improve profitability later in the year.”

Capital expenditure for the first half was just €19 million, compared to €134 million last year. Cramo says that it will be just €30 million for the full year, most of which will have been on modular space (cabins)