Jungheinrich AG held up well in the third quarter of 2002 despite difficult economic conditions, posting a higher return on sales and higher net income, according to the company's latest report.

In the third quarter, which ended on October 31, Jungheinrich achieved sales of EUR360 million (USD359.86 million) which, despite being down on the EUR378 million (USD377.85 million) posted in the third quarter of 2001, was three percent higher than the second quarter this year.

Total sales, after nine months, were down seven percent at EUR1.06 billion (USD1.06 billion) compared to EUR1.14 billion (USD1.395 billion) in 2001.

The report said Jungheinrich maintained its market position despite the "steadily weaker (market) development in the summer months". Order intake reached EUR357 million (USD356.8 million) compared to EUR375 million (USD374.8 million) in the third quarter of 2001.

Operating earnings before interest and taxes improved in the third quarter to achieve a return on sales of 4.5 percent, 0.7 percent higher than 2001, the report said. The result, after nine months, improved to EUR44 million (USD43.9 million) compared to EUR49.1 million (USD49.08 million) in 2001.

Net income of EUR10.2 million (USD10.19 million), compared to the 2001 third quarter net profit of EUR6.3 million (USD6.29 million), brought the year-to-date surplus to EUR26.8 million (USD26.78 million), compared to EUR25.6 million (USD25.58 million) in 2001.

Jungheinrich said there was "hardly any stimuli" for economic development of the materials handling industry in Europe.

"The signs point to a decline in the market volume for materials handling equipment by some six percent in Europe. Correspondingly, a lower order intake and lower sales than in the previous year are planned for" the full year 2002, the report said.

"For 2003, the company expects to see a slight recovery of the economy with correspondingly positive effects on the development of the market."