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FRANKFURT—Demag Cranes AG, the world’s largest maker of
mobile-harbor cranes, is “optimistic” about business
this year on resilient growth in container shipping,
chief executive officer Harald Joos said. The company
gained the most in almost two months in Frankfurt
trading.
“We
haven’t noticed anything to do with a supposed
recession,” Joos said in an interview on March 19.
“Orders continue to be excellent. We are operating at
full capacity.”
Container shipping is set to grow at least 9 percent in
the next three years, Joos said. Demag Cranes also
expects its industrial cranes unit to benefit from state
infrastructure investment in countries such as Brazil,
Russia, India and China.
Demag is
sticking with its forecast for operating profit of €110
million ($170 million) on sales of as much as €1.16
billion for the year ending September 30, Joos said.
Earnings before interest and tax last year was €82
million on sales of €1.08 billion.
Demag,
admitted Tuesday into Germany’s MDAX index of
medium-sized companies, gained as much as 8.9 percent to
€27.19, its steepest increase since February 1, and was
trading at €27.10 as of 11:30 a.m. in Frankfurt. The
stock has fallen 15 percent in the past six months,
giving a market value of €574 million.
The
crane maker plans to boost sales in developing countries
including China to 40 percent, from 25 percent now, Joos
said.
“We see
big chances for future growth and we’re developing new
products to grow in these countries,” the CEO said.
(Bloomberg) |
