Palfinger Continues To Break Records

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Palfinger Continues To Break Records

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Palfinger has published its third quarter results achieving new records in terms of revenues.

Total revenues for the nine months to the end of September were €1.3 billion an increase of 10 percent on the same period last year. This was made up of the Land division which achieved revenues of €1.07 billion, up 14 percent on the year, with an operating profit of €116.2 billion just one percent higher than last year.

The Sea division saw revenues drop a further 14 percent to €142.1 million, while the operating loss was almost halved from a loss of €14 million last year to a €7.7 million loss this year.
Group pre-tax profits improved 21 percent to €107.1 million. While net debt increased eight percent to €576.9 million.

The company has yet to publish its full report so details of the third quarter are scant, however we can deduce that revenues were around six percent higher at €406.6 million, with a pre-tax profit of 32.2 million up 22 percent on the same period last year. The company says that order intake at least kept pace with invoicing and that it has gone into the fourth quarter with a strong order book.

Chief executive Andreas Klauser said: “This strong performance is driven by the new organisational structure ‘Global Palfinger Organisation’ and the restructuring of the Segment Sea. The new organisation is perceptibly strengthening the global structures and cooperation across corporate units. This is helping us to unlock synergies within the group and achieve efficiency gains.”

“Palfinger Sea substantially reduced its dependence on the oil and gas business by extending its focus to other segments such as cruise lifesaving equipment and drove down its structural costs. The successful turnaround enabled this segment to break even in the third quarter of 2019.”

“The joint venture with the Chinese life and rescue boat manufacturer Neptune is opening up further opportunities. With this partnership, Palfinger has established itself as the leading supplier in the Chinese market for lifesaving equipment.”

“In spite of the recession fears, we are confident that we will be able to achieve our growth targets for 2022, when we expect to generate a revenue of €2 billion.”