FINLAND's cargo-handling machinery maker, Cargotec, posted a 30 per cent year-on-year net profit increase in 2014 to EUR72 million (US$82 million), drawn on revenues of EUR3.4 billion, which increased six per cent.
Fourth quarter net profit for the company that owns MacGregor, Kalmar and Hiab, soared 419 per cent EUR40.6 million.
The company has forecast that sales in the current year will improve and is also bullish that operating profit, excluding restructuring costs, in 2015 will best last year's EUR149 million.
Cargotec attributed positive results to improvement measures introduced last year, but admitted that the results fell short of its target.
"Our results are a clear indication that our profit improvement programmes have progressed well and that we are implementing the issues defined in our strategy, one step at a time," said President and CEO Mika Vehvilainen.
"Even though the overall financial results for 2014 were below our expectations, I am more convinced that we can meet our future targets. Our market position is strengthened by several successful new product launches," he said.
"In North America in particular, market activity is expected to continue positive both for Hiab and Kalmar. We face challenging markets in MacGregor, but there is still much room for improvement in our own operations," Mr Vehvilainen said.
PORTS
12 February 2015 - 22:12
Cargotec 2014 profit surges 30pc on 2nd corporate upgrade plan
FINLAND's cargo-handling machinery maker, Cargotec, posted a 30 per cent year-on-year net profit increase in 2014 to EUR72 million (US$82 million), drawn on revenues of EUR3.4 billion, which increased six per cent.
PORTS
12 February 2015 - 22:12
Cargotec 2014 profit surges 30pc on 2nd corporate upgrade plan
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