25.01.2010

Palfinger back in the Black

Crane and access manufacturer Palfinger has reported a return to profit in the fourth quarter of 2009.

While revenues at €117 million, were 38 percent lower than the same quarter last year, the quarter was profitable to the tune of
€1 million before interest and tax, compared to a loss of €5.6 million last year.

The company’s preliminary report says that revenues for the full year were €505 million, 36 percent down on 2008. Like for like revenues were down 45 percent.
Palfinger says that it made an operating loss of €5 million while EBITDA remained positive at €16 million.

As a result of the loss the company is not planning to pay a dividend for 2009.

Chief executive Herbert Ortner said: “Last year was anything but pleasing. Still, under these circumstances, we can take quite some pride in what we have achieved. We did not manage to prevent the slump in revenue but successfully curbed its effects by taking targeted action. We are in a position to continue to act with a focus on future developments and advance our long-term strategy, and we will keep on doing so.”

Palfinger says that it has worked out several different scenarios for 2010 but currently believes that revenues will increase through the year and is already seeing a lift in order intake. More information will come with the final results on 24 February.