Sales of services generated €233m, accounting for 22% of the total sales revenue.
Over this period, the orders received by the crane manufacturer increased by 5%, with a 13% year-on-year rise recorded in the last quarter of 2016.
Operating profit rose from €99.6m in 2015 to €138.8m in 2016.
“Volume growth had a positive impact on profit. Additionally, profitability improvement measures and investments in more competitive products contributed to increased profitability,” said Hiab.
Cargotec’s CEO Mika Vehvilainen said: “Hiab in particular had a very good year. Hiab successfully launched a number of new product innovations and outgrew its competitors.”
Hiab accounted for 31% of the total orders received by Cargotec in 2016.
For Cargotec, operating profit excluding restructuring costs in 2016 was the highest in its history at €250.2m. Sales declined by 6% year-on-year to €3.5bn, while orders received shrunk by 8%.
