Cargotec Growth Stunted By Low Us Demand For Cranes And Forklifts 12/11/2007

It has been announced that Q3 sales have risen from EUR713m up to EUR 625m in the same period year. Strong and high levels of orders have been noticed and reported by ship crane division MacGregor and container handling arm Kalmar. However, Hiab has been held back due to low demand from the US.Brbr

Throughout January-September 2007, high demand has continued for the products from Hiab in Europe and Asia-Pacific. The demand also grew in Central Eastern Europe, Russia and China. Although this is a positive aspect for the company, the truck registrations in the US were down in 2006. This has resulted in a lack of demand from the US construction industry for forklifts, loader cranes and tail lifts. Hiab has said there it does not look set for the level of demands to increase from this sector any time soon. For the first nine months of the year Hiab sales have hardly increased from EUR675m to EUR687m in the Q1-Q3 2006. brBr

Hiab’s MacGregore division is an asset to the company and strong orders have been made from this division, this is because there is a worldwide increase in vessel orders. In 2007 for the first nine months of the year, MacGregor’s orders stood at EUR 1,080m. This was a substantial increase from the sales the previous year which stood at EUR535m. After the period covered by the Q3 results, on the 12th November, MacGregor reported ship crane orders worth EUR70m. The orders included 179 cranes for 43 vessels for manufacturers in China and Korea.
Operating profit for operations declined from EUR164m in the first nine months of 2006, to EUR156.6m in Q1-Q3 2007.

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