Cargotec profits back in the black
2 November 2010Cargotec’s interim financial results reveal profits at the company have returned to growth, with operating profits for 2010 through September increasing by €100m
The Finnish manufacturer’s interim report shows a £52.4m (€60m) increase in the firm’s net income despite a 4.4% drop in overall sales for 2010 through September.
Cargotec saw a 48% increase in the firm’s order book compared to the same period last year, rising from £1.19bn (€1.36bn) to just over £1.75bn (€2bn).
Despite the overall drop in cargo handling equipment sales for 2010 so far, Cargotec performed strongly during the 3rd quarter of 2010, which saw sales rise sharply for this period, year on year, by 14% from £489m (€559m) to £555m (€635m).
For the same period Cargotec also experienced a significant rise in orders from £382m (€437m) to £597m (€683m), increasing the value of its order book by 56%.
The firm has also predicted a strong finish to 2010 with its order book set to bring in £2.1bn (€2.4bn) by the end of the year, which would bring a year on year increase of 12%.
Cargotec president and CEO, Mikael Mäkinen, observed: “Our orders received during the third quarter grew 56 percent from the previous year and we reached 6.7% operating profit margin, which I am satisfied with.
“Positive development in our market environment continued in all businesses. However, the development in the world economy is still characterized by uncertainty.
“In order to strengthen our market leadership in the next few years, we priorities our actions and resources to the following areas: customers and customer segments, services, emerging markets and internal clarity”, added Mäkinen.
