Crane suffers a drop in profits

Profits are down for tranactions technologies specialist Crane Payment Innovations in the quarter ended June 30.

The US-based company said that profits are down because of higher transaction costs. It suffered a 14 per cent downturn in operating profits to $124m in the quarter, but there was a slight increase of just one per cent in sales compared with last year, up to $864m.

This figure included a two per cent increase in Crane’s Payment and Merchandising Technologies division that offers payment products to the casino and gaming industry. That sector had a four per cent increase in operating profit to $81m.