JOC Staff | Jan 31, 2013 11:59AM EST
Finland-based lifting equipment manufacturer Konecranes reported profit in the fourth quarter of 2012 was 22.3 million euros (about US$30.3 million), dropping 2.9 percent from $31.2 million in the fourth quarter of 2011.
Quarterly sales rose 1.2 percent to $821.9 million.
For the full year of 2012, profit was $115.0 million, jumping 30.4 percent from $88.1 million in 2011. Annual sales rose 14.4 percent year-over-year to a record $2.9 billion.
“The profitability of the equipment business developed satisfactorily in a challenging market environment during the first three quarters of 2012, but the last quarter was weaker,” said Pekka Lundmark, president and CEO, in a written statement. “There were both market structure issues, such as low industrial cranes demand in some western markets, and various operational issues.”
The company plans to restructure the business in early 2013, with the main objective of reallocating resources to emerging markets.