August 9, 2012 / 6:26 AM / in 5 years

Palfinger sees higher 2012 revenue, China start soon

VIENNA, Aug 9 (Reuters) - Austrian cranemaker Palfinger AG kept its outlook for revenue growth in 2012 as brisk business in the Americas and CIS countries offsets weakness in Europe.

It is also set to get a boost as two joint ventures in China with Sany Heavy Industry are expected to start operations before the end of the third quarter, it added.

“Despite the uncertain development of the economy and of demand, particularly in Europe, the management expects a moderate increase in revenue, coming from the areas outside Europe, for the 2012 financial year,” it said on Thursday.

“In addition, it is estimated that the areas outside Europe will make even more substantial contributions to earnings.”

It generated second-quarter earnings before interest and tax of 19.5 million euros ($24.1 million), in line with market estimates, on sales of 241 million.

First-half sales rose 12.3 percent to 465.1 million.

$1 = 0.8093 euros Reporting by Michael Shields; Editing by Mark Potter

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