February 14 - Cargotec Corporation has posted its FY 2012 performance figures.
The Helsinki, Finland headquartered equipment manufacturer has seen its total number of orders decline by five percent year-on-year to EUR3.06 billion (USD4.1 billion).
Sales for FY 2012 grew six percent to EUR3.33 billion (USD4.46 billion). However, operating profit at the equipment manufacturer was EUR131 million (175.4 million) - a year-on-year tumble of 37 percent.
Net income for the trading period amounted to EUR89.2 million (USD119.4 million)- down from EUR149.3 million (USD199.9 million) for FY 2011.
Cargotec's interim president and ceo Taipo Hakakari, commented that the company had sought to improve profitability and cash flow during 2012, but "we did not achieve all out targets". As a result, Cargotec was forced to let go a proportion of its workforce.
Furthermore, Hakakari noted that the company has launched a new business model: "These changes are aimed at achieving streamlined operations, profitable growth and greater market share. We believe that we are in a strong position to turn the situation around, led by our new president and ceo as of March 1, 2013 Mika Vehviläinen.