17.07.2008

Flat start for Hiab

Hiab, the loader crane company owned by Cargotec of Finland, has reported first half revenues of €483 million, just slightly below last year’s revenues of €485 million.

However this result masks the fact that in the intervening period Hiab has made a number of acquisitions, mostly in the service and distribution area, indicating a slip in like for like sales.

Operating profits in the same period dipped by 11 percent to €36.2 million while order intake fell by eight percent to €467 million , leaving an order book of €238 million, also down eight percent on the start of the year, but identical to the order book at the same point last year.

Hiab says that the level of orders received from the USA during the second quarter were clearly lower compared to last year although this was compensated by orders for demountables in Europe, including a 90 unit order from the UK Ministry of Defence.

Sales at Kalmar, which makes reach stackers, terminal tractors and mobile gantry cranes, rose by almost 10 percent to €717 million, with operating profits of €51.7, an increase of just under two percent. Order intake was up 12.5 percent and the order book up 14 percent to €790 million.

The other division, MacGregor, which makes ship hatch covers and Ro-Ro equipment, saw revenues jump by 43 percent to €431 million, while operating income jumped 54 percent to €33.8 million. Order intake was up 43 percent leaving an order book at the end of June worth, €2.3 billion.

Cargotec's president and chief executive Mikael Mäkinen said:
"Cargotec's development proceeded during the second quarter of 2008 according to plans. I am especially pleased with the achievements in our new product development in the field of energy efficiency, an example being hybrid container handling equipment.”

“We have an ambitious growth target for this year and we are well in line with the plans. The recent news on the European economy and specifically construction market gives us reason for caution regarding Hiab's outlook, although so far order intake has been satisfactory. We will accelerate the On the Move change programme and the development of our global supply footprint."