Schindler records growth in first quarter
Ebikon - Schindler has increased its revenue by 6 percent in Q1 2023 to 2.8 billion Swiss francs. Net profit adjusted for special effects rose disproportionately to 186 million Swiss francs. In contrast, order intake decreased by almost 9 percent.
Schindler achieved global revenue amounting to 2.80 billion Swiss francs in Q1 2023. Versus the previous year, this corresponds to growth of 6.2 percent, according to a press release from the elevator company based in Lucerne. In contrast, order intake was 8.7 percent lower than the first quarter of 2022, at 2.89 billion Swiss francs.
Silvio Napoli, Chairman and CEO of Schindler, comments in the press release: “Real estate and construction industries are being affected by site delays and by the uncertainty in global capital markets, despite the continued strong demand in the residential segment. Notwithstanding the challenging environment, Schindler achieved revenue growth across all regions and product lines.”
The operating profit on the EBIT level increased year on year from 211 million to 282 million Swiss francs. The net profit excluding the sale of the company’s former factory in Suzhou, China, was 29.2 percent higher than Q1 2022, at 186 million Swiss francs.
Schindler also announced a change in the Group Executive Committee in the same press release. The newly appointed Chief Technology Officer Donato Carparelli will take over from Karl-Heinz Bauer, who is retiring.
Additionally, at the end of March Schindler won a lawsuit that has been ongoing for almost ten years. This is against the background of capital increases at Hyundai Elevator that were undertaken against the wishes of Schindler shareholders. According to the press release, the Supreme Court of the Republic of Korea issued its final verdict in favor of Schindler’s shareholder derivative lawsuit against a number of members of the board at Hyundai Elevator.
