Cargotec sales up, profit down

Sales at knuckle boom, port and offshore crane group Cargotec were up 7% for the second quarter of 2012 compared with the same period in 2011. The Q2 2012 figure was Euro 850 million (US$ 1 billion), up from Euro 795 million ($950 million).

"The market situation is challenging due to global economic uncertainty, which is also reflected in a tight competitive situation. Nevertheless, Terminals [the port equipment segment] second quarter orders grew by 57% from the comparison period. Since profitability remained at the level of the first quarter, its improvement in Terminals and Load Handling is our priority," said Mikael Mäkinen, Cargotec president and CEO.

Operating profit for the quarter was down to Euro 41 million ($49 million) from Euro 54 million ($65 million) in Q2 2011. As a percentage that was 4.8% instead of 6.8%.

Orders received were up 17% on the same quarter of 2011 and at the end of the period were 5% higher than a year earlier. The order book was Euro 2.4 billion ($2.9 billion) at the end of the quarter.