Salzburg crane and hydraulic systems manufacturer Palfinger has reported results down sharply for the first three quarters of 2009 on the back of the recession, according to Austrian Times.
The firm reported yesterday (Thurs) that its turnover had slumped 36 per cent year on year to 387.9 million Euros and its earnings before interest, taxes, amortisation and depreciation (Ebitda) down almost 90 per cent year on year to 9.8 million Euros during the first three quarters.
The firm said its cost-cutting measures had kept Ebitda positive but that its earnings before interest and taxes (Ebit) had been minus 6.3 million Euros during that period.
Palfinger said demand for its products had stabilised at a low level and it hoped that big infrastructure projects around the world would provide a new impulse for growth.
It predicted results would improve slightly in the fourth quarter and in 2010 but said that the future was still too unclear for it to make any long-term forecasts.
Palfinger recently extended its part-time work regime to April 2010 following a lack of orders.
Firm spokesman Hannes Roither said managers would begin working 80 per cent of their usual hours while other workers would work 70 per cent of their usual hours.
He added the firm hoped it would not be necessary to extend part-time work again or to lay off any employees and that the part-time work regime had been extended for a third time at the company as orders had slumped and it had been using only between 50 and 60 per cent of its capacity.