April 26 - Helsinki, Finland headquartered equipment manufacturer Cargotec Corporation has released its Q1 2013 performance figures.
In comparison to Q1 2012, Cargotec saw the number of orders it received grow by 7 percent to EUR791 million (USD1.03 billion) during Q1 2013. However, total revenue fell by 14 percent year-on-year to EUR679 million (USD884.5 million).
Operating profit slumped 60 percent to EUR15 million (USD19.5 million) - excluding restructuring costs.
According to Mika Vehviläinen Cargotec's president and ceo: "Sales fell by 14 percent, mainly due to low delivery volumes by MacGregor, as customers delayed their receipt of deliveries. Low delivery volumes reduced MacGregor's profitability."
Vehviläinen does, however, forecast higher sales revenue in coming quarters.
The subdued performance comes on the back of a disappointing FY2012 for Cargotec - whose subsidiaries include MacGregor, Hiab and Kalmar - a year in which operating profits fell by 37 percent and a proportion of its workforce was made redundant.