Salzburg crane manufacturer Palfinger is struggling with a stagnation in orders in its core European markets. Nevertheless, profits rose in the first half of 2024 despite falling sales figures.
The company reported that revenue for the first half of 2024 fell 3.3 percent to €1.175 billion compared to the first half of the year before. The end result was a consolidated profit of €68.3 million, up 7.9 percent.
This picture already emerged at the beginning of this year. Due to the weak order situation in Europe, production capacity is being reduced.
Demand for service cranes and truck-mounted forklifts is good on the North American market, Palfinger reported on Friday. The continued good economy and infrastructure investments should ensure a positive market climate and profitability there should increase significantly.
Southern Europe with Spain, Portugal, Italy and Greece also continues to develop positively, thanks to strong tourism and infrastructure projects.
According to the announcement, there is also good growth in India, which is seen as a market of the future. In China, however, there is no recovery in sight.
A slight decline in turnover is expected for the whole year compared to 2023 (turnover: EUR 2.446 billion).
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
