Revenue in non-European areas increased by 43%, the company said.
With regards to Russia, the company said, "The acquisitions made in the CIS business area in 2011 accounted for more than one third of the increase in revenue."
It grew in the business systems areas of North and South American arms and its global Marine Systems business.
In October the marine systems acquired a Norwegean manufacturer of marine and offshore cranes Bergen Group Dreggen AS (Dreggen).
The company described a continued decline in demand in European Markets.
"Despite the uncertain development of the economy and of demand, particularly in Europe, the management expects a moderate increase in revenue for the 2012 financial year as a whole, resulting from the satisfactory performance in the business areas outside Europe"
Herbert Ortner said, "Our strategy has proven its worth, and this shows on all levels. Without having pursued our internationalization strategy for many years, not only in America but also towards the BRIC countries, the present growth achieved by Palfinger would not have been possible."
"Our increased flexibility and our focus on fixed costs and capital employed have been major factors in generating stable results despite the weakness of markets in Europe."
