Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Lift maker Schindler’s orders slip in Q2, weighed by China

Published On :

 

By Louis van Boxel-Woolf and Bartosz Dabrowski

(Reuters) -Swiss lift and escalator maker Schindler reported a slight decline in second-quarter order intake on Friday, as China’s construction market slowdown weighs on new installations.

Its order intake was 2.98 billion Swiss francs ($3.35 billion) in the second quarter, down 0.4% from a year earlier in local currencies and just ahead of analysts’ forecast of 2.95 billion francs in a Vara consensus.

The volume of new installations in China fell between 5% and 10% in the period compared to last year, Schindler said.

Chinese construction starts fell by nearly 24% in the first half of 2024, signalling further tough conditions for the installation businesses of companies like Schindler and its Finnish rival Kone.

Schindler’s service and modernisation businesses, which focus on maintenance and renovations, grew in the second quarter, it said.

It also warned that new installations in the Asia-Pacific region without China, which includes India, would be worse than expected.

Urbanising India is a key growth market for lift makers. Growing sales in India and Southeast Asia have helped Kone offset some of the weakness in China.

New installations in the Americas and Europe, Middle East and Africa (EMEA) should do better than Schindler had forecast, it said.

Schindler confirmed its outlook for the year, but broke with its usual habit of providing a net profit guidance.

($1 = 0.8889 Swiss francs)

(Reporting by Louis van Boxel-Woolf and Bartosz Dabrowski in Gdansk; editing by Milla Nissi)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts