Konecranes cost-cutting delivers profit

Operating profit at Konecranes rose by 2.9% in the first half of the year to €28.9m as the firm reduced costs by laying off workers and reducing its equipment manufacturing capacity.

The adjusted figure for operating profit, excluding restructuring costs and transaction costs related to the Terex material handling and ports solutions (MHPS) takeover, increased by 27.3% to €50.8m.

Between January and June 2016, the Finnish company’s number of personnel decreased by 443 employees, including 165 in the second quarter.