China lifts elevator orders

Updated 2017-10-27 11:31:55

Finnish elevator company Kone has reported rising demand in China has helped to boost its results.

Kone is the second largest elevator firm in the world, after Otis.

The results revealed that, over the last quarter, Kone's net sales grew by 0.9% to EUR 2,191 (2,170) million. At comparable exchange rates, the growth was 4.4%.

These results are somewhat stronger than earlier in the year, where Kone saw declines in some regions.

Kone revealed that they now anticipate stable sales in China, despite growing demand, due to intense competition.

Henrik Ehrnrooth, President and CEO of Kone, said:

"We saw positive development on many fronts in the third quarter although we continued to also face several headwinds. I'm happy that in China, our orders received returned to growth.''

We are already seeing positive impact from the focused pricing actions in China and the continuous work to improve productivity.

Our customer-centric thinking is uncovering new ways to add value to our customers and to generate profitable growth for us, and we expect to bring many new services and solutions to the market in the coming years.

The near-term market outlook remains mixed. We expect the Chinese new equipment market to be relatively stable for the full year 2017 in units ordered.''

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