Finnish crane manufacturer KCI Konecranes has reported a fall in first quarter sales and profits in a performance which fell below market forecasts.
In the January to March 2002 period, net profits were down 9% to Euro 6.2m from sales down 3% to Euro 158.9m. In the first quarter of 2001 Konecranes had net profits of Euro 6.8m from sales of 167.0m.
For the first quarter of this year the company had been forecasted to hit Euro 167m in sales and Euro 7m of net profits.
Chief executive Stig Gustavson confirmed that the company was still hungry for acquisitions and was aiming for 10 before the end of the year. In March, as previously reported, Konecranes bought US manufacturer Shepard Niles for nearly $3.1m.
