Half-year figures

Palfinger with less turnover, but more profit

Palfinger reports lower revenue but higher profit for the first half of 2024(Bild: Markus Wenzel)

The Salzburg-based crane manufacturer Palfinger is struggling with a slump in orders in its core European markets. Nevertheless, the company increased its profit in the first half of 2024 despite declining revenue figures.

The company reported that revenue for the first half of 2024 fell by 3.3 percent to EUR 1.175 billion compared to the first half of the previous year. However, the bottom line was a consolidated profit of 68.3 million euros, an increase of 7.9%.

This picture was already apparent at the beginning of the year. Production capacity is being reduced due to the weak order situation in Europe.

On the North American market, demand for service cranes and truck mounted forklifts is good, Palfinger reported on Friday. The continuing good economic situation and infrastructure investments are creating a positive market environment and profitability there has increased significantly.

Southern Europe, including Spain, Portugal, Italy and Greece, is also continuing to develop positively, thanks to strong tourism and infrastructure projects.

According to the press release, there is also good growth in India, which is seen as a future market. In China, on the other hand, there is still no recovery in sight.

A slight decline in revenue is expected for the year as a whole compared to 2023 (revenue: EUR 2.446 billion).