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Cargotec profits up but MacGregor lags

Cargotec profits up but MacGregor lags
Cargotec has more than tripled its year-on-year profits for the first three quarters of 2015, despite a “challenging market situation” for subsidiary MacGregor in the current market.

Total revenue from orders edged up to EUR2.73bn ($3.1bn) from EUR2.68bn in Jan-Sep 2014, but the corporation was able to more than double its operating profit margin to 6.1% or EUR168.1m, from 2.7% or EUR63.6m a year earlier.

Q3 net profit increased to EUR43.6m, compared with EUR 27.8m in the same period in 2014.

Cargotec said it had managed to increase both orders and profitability at its crane brands Kalmar and Hiab. However, "low order volumes" continued at cargo handling solutions provider MacGregor, it said, which has already enforced  a series of layoffs throughout the year and announced new restructuring measures in Q3.