31.01.2008

Hiab up 2%

Hiab, part of Finland’s Cargotec group, along with reach stacker manufacturer Kalmar and ship crane producer MacGregor, has announced its results for 2007.

Total revenues at Hiab were up by just under two percent to €931 million while order intake increased by over four percent to €985 million. Hiab says that while the North American market slowed, demand elsewhere remained strong. particularly in Eastern Europe, Russia and the Asia Pacific region.

The company cited the lengthening of truck delivery times in Europe as a brake on its revenues. It did make some notable breakthroughs during the year, particularly with orders for cranes and hook lifts for military contracts.

Operating income at Hiab dropped by almost 15 percent to €73.8 million, some of the reduction was due a one off cost of €3.3 million for the closure its production plant in the Netherlands and a further €9.9 million cost impact is attributed to the treatment of acquisition costs.

On a like for like basis with these eliminated profits increased by around three percent.