Schindler Reports Increased Profits Despite Decreased New Installations

Schindler recently reported a turnover of CHF2.76 billion (US$3.44 billion) for the months of April to June, blue News reports. This was 5.7% less than the previous year and corresponded to a 0.4% increase in local currencies. While incoming orders were slightly lower than in the same period of the previous year — decreasing by 1.9% to CHF2.94 billion (US$3.67 billion) — Schindler increased its operating profit (EBIT) by 6.1% to CHF346 million (US$431 million) in the second quarter and by 9.7% to CHF372 million (US$464 million). The adjusted margin increased to 13.5% from 11.6% in the previous year, and the company’s net profit rose to CHF274 million (US$341 million), for an increase of 4.6%. Schindler attributes its increased profitability to increased operational efficiency, effects from the pricing policy and the changed product mix.