The group’s sales revenue dropped by 1.3% year-on-year to €987.4m, while the value of orders received fell by 10.3% to €905.3m.

Over the same period, Konecranes’ order book shrunk by 5.2% to €1.04bn.

A contributor to the rise in operating profit has been the continued cost savings actions related to restructuring. The group’s total number of personnel decreased by 443 employees in the first half of the year and the Equipment division has reduced its manufacturing capacity in China, India, Brazil and US.

On May 16, the group signed an agreement to acquire from Terex Corporation its Material Handling and Port Solutions business.

President and CEO at Konecranes Panu Routila said: “This acquisition will prove crucial to improving our position as a global partner in services, industrial lifting and port solutions. The combination makes it possible for us to realize a long list of synergies, it opens new growth opportunities in the service business and creates critical mass for future technology development.”

Based on the order book, service contract base and near-term demand outlook, the group expects sales in 2016 to be approximately on the same level as 2015.

Commenting on the market outlook, Konecranes said: “Customers are cautious about investing because economic growth has decelerated across the globe. Companies operating in emerging and commodity markets are particularly under pressure to save costs. Certain market uncertainty continues in North America. The demand situation in Europe has somewhat improved. The decline in the global container throughput has led to slower decision-making among container terminal operators.”