Pinguely-Haulotte, the world's third-largest manufacturer of aerial work platforms, has posted consolidated sales of EUR107.4 million (USD121.5 million) for the first half of 2003, a 10% increase from the first half of 2002.

Turnover for the second quarter finished at EUR67.2 million (USD76.1 million), up 7% on the EUR62.5 million (USD70.7 million) reported for Q2, 2002.

A Pinguely-Haulotte statement said its results improved due to an expansion of products and services to include financing, training and maintenance.

The expansion had allowed the company to increase turnover, despite the worldwide market downturn, "which shows a projected decrease of 10% in 2003".

"Given (decreasing exchange rates) and unclear economic prospects for the second half, the company confirms its cautious forecast for 2003 and continues optimising its production and sales facilities," the statement said.