Oct 23 (Reuters) - Swiss elevator and escalator manufacturer
Schindler raised its full-year revenue and net profit
guidance on Friday, citing increased activities in key markets,
The company raised the lower range of its 2020 revenue
outlook and now sees a 0-3% decline in sales, compared to the
previous outlook of a 0-6% fall. It sees full-year net profit of
720-760 million Swiss francs ($793-$837 million), compared to
the previous forecast of 680-720 million francs.
The Chinese market, which accounts for 14% of Schindler's
sales, locked down after the new coronavirus emerged there late
last year, but rebounded swiftly, and in September HSBC said it
expected the country's GDP in 2020 to grow by 2.4% year-on-year.
On Thursday, Finnish rival Kone reported an expected
increase in third-quarter profit as demand for elevators and
escalators picked up in China, but said rising competition from
other engineering groups had put pressure on pricing.
Schindler's third-quarter net profit fell 3.7% from the
previous year to 235 million francs.
($1 = 0.9077 Swiss francs)
(Reporting by Bartosz Dabrowski in Gdansk; Editing by