Palfinger rises from outside Europe

Revenue at Palfinger for the first half of 2012, at €465 million (US$ 572 million), was 12.3% higher than in the first six months of 2011.

The increase was driven by stable demand in core markets and growth in the Americas, CIS and in the Marine Systems division. Earnings also increased slightly.

"We have perceived an increasingly cautious mood in Europe, and the uncertainty of the markets has had a noticeable effect on demand. In the present situation, Palfinger benefits in particular from its long-standing strategy of internationalisation. In the growth markets of Brazil, Russia and India, we have been well-positioned for quite some time now. In the first half of 2012, we achieved this milestone for China as well. We have entered into a partnership with the Chinese Sany Group that is going to open this promising market for us," said Herbert Ortner, Palfinger CEO.

Development in Europe in the first half of 2012 was weaker than in the previous year but, by individual country, it was a mixed picture. Germany and France, the two largest revenue contributors still recorded growth, while "Spain, Portugal, Greece and Italy remained at extremely low levels," Palfinger said. Revenue generated outside Europe rose by 55% to €149.0 million (US$ 183 million), which is 32% of consolidated revenue. Performance in Asia remained below expectations, the company said.

For the full year, Palfinger forecasts a moderate increase in revenue, coming from outside Europe.