Jungheinrich AG was able to hold up well in the second quarter of 2002 despite the slow economic recovery in the German market.

Jungheinrich sales topped EUR350 million (USD 342.7 million) for the second quarter, down from EUR388 million (USD379.9 million) in the second quarter of 2001. The decline saw the half-year sales total drop eight percent to EUR702 million (USD687.4 million), down from EUR765 million (USD749 million) in 2001.

"The market position was strengthened compared with the first quarter - a result of the upward trend in new sales business in the second quarter. Order intake in the past quarter, at EUR396 million (USD387.7 million), saw growth of 10 percent compared with the first quarter," the company's financial report said.

A return on sales of 4.4 percent saw second quarter profit reach EUR15.3 million (USD15 million), down from the comparable 2001 quarter's EUR19.6 million (USD19.2 million). Jungheinrich's profit so far this year now sits at EUR27.7 million (USD27.1 million), with an average return on sales of 3.9 percent.

"The company continues to be moderately optimistic. Overall sales volume for materials handling equipment in Europe looks set to decline. Accordingly, a lower order intake and lower sales are being budgeted for 2002," the report said.

"Against the background of the economic recovery in the coming months, Jungheinrich expects to see positive stimuli for the further trend of earnings in the second half of the year."