its operating profits fall by 11 percent in the third quarter, with
Denmark, Norway, Baltic States and Hungary being the worst affected
areas.
Ramirent, the Finland-based business which rents construction
machinery and equipment in Central and Eastern Europe, said that
the “rapid deceleration of the market” had caused margins and
profitability to decline sharply.
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However, it said that net sales were up 13 percent for the third
quarter.
The company’s CEO Kaki Kallio said: “The global financial
crisis and the economic slowdown continued to weaken the rental
market in most of our countries during the third quarter.”
“Overall, the level of investments in new construction and
industrial projects is decreasing rapidly while the level of
renovation activities is more stable.”
The company said it has started a cost reduction programme,
which includes reducing its employees and selling equipment with
low utilisation, although it isn’t planning any depot closures.
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