Tuesday , 12 December 2017
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Konecranes cost-cutting improves its profit
Konecranes is led by Panu Routila

Konecranes cost-cutting improves its profit

Konecranes profitability has improved in the third-quarter due to cost cuts and despite its orders declining.

The company has reduced its number of workers by 790 since the beginning of 2016, including 347 in the third quarter.

These job cuts have been relatively evenly spread throughout the company’s business areas and geographical regions.

Operating profit has increased from €4.1m (US$4.5m) in the third quarter of 2015 to €25m (US$27m) in the third quarter of 2016 despite both orders received and the value of the order book decreasing.

In terms of port crane orders,there was a decline overall and particularly in the Americas and Asia Pacific region but orders were stable in the Europe, the Middle-East and Africa region.

According to the company, lift truck orders held up better than port cranes.