Schindler Holding FY 2016 results largely in line; China, India drag

REUTERS - 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 ($818.25 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 pct and 5 pct in local currencies for fiscal year 2017.

($1 = 1.0058 Swiss francs)

(Reporting by Bartosz Dabrowski in Gdynia; Editing by Sherry Jacob-Phillips)