Schindler lifts company profit

The company's products move 700 million people every day. Schindler

The Schindler escalator and elevator company has reported that its net profit for 2004 rose by 67 per cent to SFr308 million ($265 million).

Schindler, which is the world leader in escalators, said the result had been helped by a restructuring programme and increased demand in its markets.

Turnover was up by 6.9 per cent to SFr8.26 billion, with orders received up by 7.1 per cent at SFr8.43 billion.

The net profit figure came in above the average forecast from five analysts polled by Reuters, who had expected SFr285.7 million.

Schindler said in a statement from its headquarters near Lucerne on Monday that it viewed growth prospects for the world economy cautiously.

However, thanks to further progress in productivity and the introduction of new products, it expected another improvement in operating profit for the elevators and escalators business.

It added that excluding unforeseeable events, net profit for 2005 should be substantially higher.

Schindler is to propose a dividend of SFr7 (SFr6 the previous year) per registered share and bearer participation certificate.

swissinfo with agencies

Key facts

Founded in Lucerne in 1874, Schindler is the second-largest supplier in the elevator and escalator industry.
Every day, the company carries more than 700 million people vertically, diagonally and horizontally with its elevators, escalators and moving walks.
The Schindler group employed 39,443 people at the end of 2004.