Palfinger revenues looking up14 August 2012
Austrian Palfinger posted a year-on-year revenue increase of 12% to EUR 465m for the first half of 2012 in the run up to the start of its two joint ventures with Chinese Sany.
Palfinger's two joint ventures with Sany are awaiting approval or the authorities in the end of the third quarter in 2012.
It anticipates that the venture will create growth in North America, South America and CIS China before the end of 2012.
Revenues in the first half of 2012 were up from EUR 414.3m the same half last year, and comprised a new company record, Paflinger said.
Growth came from North America, South America and CIS and in the globally operating business unit Marine Systems, while European growth weakened despite being offset by excellent growth in earnings achieved in its area units segment.
This leads the management to expect that financial year 2012 will show a moderate revenue increase coming from growth in areas outside of Europe.
While Portugal, Italy, Greece and Spain generated extremely low revenue levels, Germany and France were generated most revenue.
Areas outside Europe now account for more than previously: 32.0% of consolidated revenue.
Business performance in Asia remained below expectations in the period under review, a trend Palfinger expects to reverse with the JV.
The EUR 23.9m consolidated net result for the period under review was higher than the EUR 22.6m recorded in the first half of 2011.
Herbert Ortner, Palfinger's CEO, sums up the current state of demand in key markets:
"We have perceived an increasingly cautious mood in Europe, and the uncertainty of the markets has had a noticeable effect on demand.
"In the present situation, Palfinger benefits in particular from its long-standing strategy of internationalization.
"In the growth markets of Brazil, Russia and India, we have been well-positioned for quite some time now.
"In the first half of 2012, we achieved this milestone for China as well. We have entered into a partnership with the Chinese Sany Group that is going to open this promising market for us."