Profits taint Cargotec success

12 May 2008

Cargo handling giant Cargotec Corporation reported order growth exceeding 40% for 2007. The achievement, however, was marred by a less-than-satisfactory operating profit, following a range of acquisitions by the company.

The Finland-based group, which owns Hiab, Kalmar and MacGregor, said orders amounted to €2.865 billion (US$4.2 billion) by the end of the year; €1.214 billion ($1.780 billion) of that being reached during the fourth quarter. Some 25% of the full year figure came from the sale of services, amounting to a 35% increase on 2006.

Operating profit was €203.1 million ($297.7 million), compared to €240.4 million ($352 million). Net income for the 12 months was €138.4 million ($202.8 million).

In 2008 the company forecasts sales to remain at 2007 levels, with the operating margin expected to increase.

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