Results record at Palfinger

Knuckle boom crane manufacturer Palfinger reported record results for the 2007 financial year.

Consolidated net profit for the group was up 30.6% on the previous year to €74 million (US$112.4 million). Earnings before interest and taxation (EBIT) followed closely with a 29.4% rise from €77 million ($117 million) to €99.6 million ($151.2 million). The EBIT margin amounted to 14.3%, compared to 13.2% in the previous year, “Reaching the highest level ever achieved in the history of the company,” according to Palfinger.

Revenue climbed 18.9% from €585.2 million ($888.7 million) at the end of 2006, to €695.6 million ($1.056 billion). “The foundation for this sustainable growth was the lucrative crane business of Palfinger in Europe. The main markets in Western Europe remained strong and the trend towards higher performance classes and fittings variants, reinforced by the increase in fields of applications, continued in 2007,” commented Palfinger.

The company said it also capitalised on emerging markets in Eastern Europe, in particular Russia, plus Central and South America.