The impact of the Asian
crisis is still being felt by
KCI Konecranes.
Economic downturn in the region helped to drive down the company’s 1999 full year pre-tax profit from 1998’s E43.3m to E30.2m ($29.3m) in 1999.
The company’s crane sales in Asia fell 42% and it saw no prospects for a quick recovery in the region.
“At the moment no return to the levels in Asia Pacific sales
that we had two years ago is in sight,” said KCI Konecranes chief executive Stig Gustavsson.
The Finnish company’s results were at the lower end of the range predicted by financial analysts. Apart from the drop in Asian sales, sluggish sales in the special cranes division and restructuring costs incurred in France and the UK also both
contributed to the fall in income.
Net sales for 1999 were E591m (compared with E597m in 1998) and net profit was E21.8m (E31.4m). Orders received for the year were listed as E538m (E542m).
