Konecranes causiously optimistic

There is "cause for cautious optimism", according to Konecranes president and CEO Pekka Lundmark after a year which saw order intake fall by 34.7% for the Finnish equipment manufacturer. Delivering its annual results, he argued that Konecranes would be in a strong position once the market recovers because it has continued to invest throughout the recession.

"These early signs suggest that the demand for lifting equipment and services could begin growing again during 2010," he said. "However, due to the relatively late cyclical nature of most of our business segments, it is still too early to conclude that a major recovery could be imminent."

In the "Heavy Lifting" segment, which includes solutions for ports and intermodal terminals, orders were down 38% year-on-year to €425.1m, while sales fell 27.3% to €479.1m. Operating profit was €36.7m and operating margin was 7.7%, excluding restructuring costs.

Lundmark said that while some factory capacity had been closed and jobs cut, Konecranes had continued to invest in its remaining factories and has increased investment in training.

· Container Corporation of India has ordered 27 Konecranes reachstackers via Indian contractor Roadwings International, due for delivery to 11 multi-modal stations during spring 2010.