Feb 15, 2017 12:56 PM IST | Source: Reuters

Schindler Holding FY 2016 results largely in line

"Developments in the Asia-Pacific region during the reporting year were significantly impacted by slower economic growth, tight real estate market in China, and the short-term weakening of the Indian market," the company said on Wednesday.

Schindler Holding FY 2016 results largely in line

Elevator and escalator manufacturer Schindler Holding AG posted full-year results on Wednesday that were largely in line with estimates as it witnessed growth in new installations in all markets, except China and India.

"Developments in the Asia-Pacific region during the reporting year were significantly impacted by slower economic growth, tight real estate market in China, and the short-term weakening of the Indian market," the company said on Wednesday.

Net profit climbed 10.2 percent to 823 million Swiss francs (USD818.25 million), slightly above the 819 million francs estimated in a Reuters poll.

Orders for 2016 rose 4.6 percent to 10.37 billion francs, marginally missing the poll average of 10.39 billion francs.

The company said it expected revenue growth to be between 3 percent and 5 percent in local currencies for fiscal year 2017.

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