Palfinger eyes up Chinese takeovers over soaring profit
Crane manufacturer Palfinger AG has said it plans to get busier in Russia and China as its turnover and profit increased in the first half of this year.
The Salzburg-based company announced today (Weds) its turnover shot up by 39.3 per cent from the first six months of 2010 to the same period of 2011 to 414.3 million Euros. The firm’s net profit improved from 7.3 million to 22.6 million at the same time. Analysts expected a less significant turnover increase. However, they predicted a stronger rise in profit.
Palfinger said “very strong growth in Europe” helped it to improve its performance in the first six months of 2011. The company explained internationalisation was set to become more important in the foreseeable future. Russia and China were identified as key future markets by the firm which was established in 1932.
Palfinger has around 4,000 employees. The company said it was holding talks with leading Chinese companies about joint venture opportunities. Palfinger added it also considered acquisitions in the booming Asian country.