Cargotec posts 98.8pc profit rise in 2015 as revenues rise 11pc
FINNISH cargo handling equipment maker Cargotec Corporation posted a 98.4 per cent year-on-year increase in net profit in 2015 to EUR142.9 million (US$160.9 million), drawn on revenues of EUR3.7 billion, an increase of 11 per cent.
But quarterly net profit fell 14.6 per cent year on year to EUR35.3 million, drawn on revenues of EUR977 million, down one per cent.
Cargotec expects 2016 revenues to be at the 2015 level or below with operating profit expected to improve from 2015 to EUR230.7 million, said a statement from the Nasdaq-listed company.
"The year was a milestone for Cargotec with regard to our set targets," said Cargotec president and CEO Mika Vehvilainen.
"Kalmar and Hiab [units] reached the profitability improvement measures initiated two years ago ahead of time by the end of the second quarter."
Mr Vehvilainen said that while MacGregor's market situation is challenging, he was confident that correct measures have been taken to adapt to the situation.
"Orders received were strong also in the fourth quarter in Kalmar and Hiab, and therefore, orders for the full year 2015 reached the previous year's level despite clearly lower orders for MacGregor," he said.
"Towards the end of the year, we updated our strategy with the aim of transforming Cargotec into a market leader in intelligent cargo handling by building on services, digitalisation and people leadership," Mr Vehvilainen said.
"We will invest in R&D to ensure our products remain market leaders. We will develop our portfolio by investing in businesses with high growth, as well as by complementing our technological competence and geographical coverage," he said.
FINNISH cargo handling equipment maker Cargotec Corporation posted a 98.4 per cent year-on-year increase in net profit in 2015 to EUR142.9 million (US$160.9 million), drawn on revenues of EUR3.7 billion, an increase of 11 per cent.
But quarterly net profit fell 14.6 per cent year on year to EUR35.3 million, drawn on revenues of EUR977 million, down one per cent.
Cargotec expects 2016 revenues to be at the 2015 level or below with operating profit expected to improve from 2015 to EUR230.7 million, said a statement from the Nasdaq-listed company.
"The year was a milestone for Cargotec with regard to our set targets," said Cargotec president and CEO Mika Vehvilainen.
"Kalmar and Hiab [units] reached the profitability improvement measures initiated two years ago ahead of time by the end of the second quarter."
Mr Vehvilainen said that while MacGregor's market situation is challenging, he was confident that correct measures have been taken to adapt to the situation.
"Orders received were strong also in the fourth quarter in Kalmar and Hiab, and therefore, orders for the full year 2015 reached the previous year's level despite clearly lower orders for MacGregor," he said.
"Towards the end of the year, we updated our strategy with the aim of transforming Cargotec into a market leader in intelligent cargo handling by building on services, digitalisation and people leadership," Mr Vehvilainen said.
"We will invest in R&D to ensure our products remain market leaders. We will develop our portfolio by investing in businesses with high growth, as well as by complementing our technological competence and geographical coverage," he said.