Palfinger’s earnings before interest and tax fell 14.5% to Euro 38.2m in 2001, according to estimates published by the Austrian loader crane manufacturer.
Final results, published on 25 March, are expected to show a 5% rise in revenues to Euro 330.7m for the year.
The company attributes the fall in earnings to ‘heavy investment in new products and in property, plant and equipment, as well as a fall in capacity utilisation during the second half of the year’.
Palfinger sold 17,700 cranes and systems in 2001, a slight increase in volume from the 17,097 sold in 2000.
Palfinger has grown aggressively through acquisition and new product development in recent years. Indicating that this would continue, the company said: ‘Despite the harsh trading environment Palfinger recorded an EBIT margin of 11.6% in 2001.
This year sees Palfinger celebrating its 70th anniversary and the 60th birthday of chairman Hubert Palfinger. Celebrations to mark both events will be held in Salzburg in June.
