MUNICH (dpa-AFX) - The weak economy in the construction and agricultural sectors has left its mark on construction equipment manufacturer Wacker Neuson in the first quarter. The SDax-listed company announced in Munich on Tuesday that revenue was down 11 percent on the same period last year at around EUR 593 million. Profit before tax (EBIT) fell by as much as 58 percent to just under EUR 37 million. However, Wacker Neuson had benefited from the sale of a property it no longer needed at the start of 2023. This was another reason why net profit fell by 63 percent to just over EUR 23 million.

CEO Karl Tragl had expected such a development: "The cyclical nature of the business comes as no surprise to us." He expects an increasing increase in turnover and profitability from quarter to quarter. He is sticking to his annual targets. Accordingly, turnover should fall to between 2.4 and 2.6 billion euros in 2024. Eight to nine percent of the revenue should remain as operating profit (EBIT). For 2025, he expects a recovery in turnover and a slight increase in profitability./stw/stk