23.08.2012 Palfinger Results in the First Half of 2012
In the first half of 2012 Palfinger revenues have increased by 12% to €465.1 million compared to the same period of the last year. Despite difficult economic situation, especially in Europe, Palfinger has increased its revenues, thanks to growing demand in North America, South America and CIS. According to the chief executive officer of Palfinger AG Herbert Ortner, the company has perceived a difficult situation in the markets, which certainly affected the demand. But Palfinger benefits from its long-standing strategy of internationalization.
Currently Palfinger is well-positioned in the growth markets of Brazil, Russia and India, and achieved good results in China. An agreement signed with Chinese Sany Group will help Palfinger to expand its presence in China. As for Europe, the demand in the first half of 2012 was lower than in 2011, but not in all countries. For example, countries such as Germany and France, as always, brought revenue growth. Spain, Portugal, Greece and Italy remained at low levels.
Palfinger demand growth in North America, South America and the CIS had its positive effects for several quarters. Compared with the first half of 2011, revenue from the "Area Units" segment has increased by 55.1% to €149.0 million. Countries outside Europe now account for 32% of consolidated revenue. Business performance in Asia remained below expectations. However, signing the joint venture agreements with Sany Heavy Industry, to distribute each others cranes, is a good foundation for the development of Palfinger in Asian markets. Two joint ventures with Sany are to start operations before the end of the third quarter of 2012.
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