JOC Staff | Feb 12, 2013 9:44AM EST
Cargotec, a Finnish company that manufactures cargo-handling machinery, reported itsnet income in the fourth quarter of 2012 was 8.7 million euros (about US$11.7 million), plummeting 75 percent from $46.7 million in the fourth quarter of 2011.
Quarterly orders received decreased 16 percent year-over-year, while sales grew 7 percent.
For the full year of 2012, profit was $119.7 million, falling 40 percent from $200.4 million in 2011. Annual orders received dropped by 5 percent year-over-year, while sales rose 6 percent.
Cargotec’s sales in 2013 are expected to be slightly below 2012.
Tapio Hakakari, Cargotec’s interim president and CEO, said in a written statement that Mika Vehvilainen, the company’s new president and CEO, who will start on March 1, will help “turn the situation around.” The company has also laid off some employees and launched a new operating model in an effort to improve profitability.