Schindler records increased profitability
Ebikon - In the first half of financial year 2024, Schindler recorded a decline in revenue. However, operating profit and the corresponding margin both improved in comparison with the previous year. As such, the global lift manufacturer has now registered six consecutive quarters of increased profitability.
Schindler generated revenue totaling 5.59 billion Swiss francs in the first half of financial year 2024, as the lift manufacturer based in Ebikon in the canton of Lucerne, Switzerland, writes in a press release. Year on year, this equates to a decline of -2.3 percent, with negative foreign currency effects responsible for this development. In local currencies, however, revenue was up by 1.4 percent versus the same period of the previous year.
Operating profit at the level of EBIT amounted to 618 million Swiss francs, reflecting growth of 2.7 percent in comparison with the equivalent value from last year. The EBIT margin therefore rose from 10.5 percent to 11.0 percent. «With continuous margin improvements over six consecutive quarters, we’ve delivered on our commitment to drive profitability», comments Silvio Napoli, Chairman and CEO of Schindler, in the press release. He adds: «Enhancing our competitiveness is more essential than ever in the current market environment».
In the first half of the reporting year, Schindler recorded net profit of 494 million Swiss francs, with the net profit margin coming in at 8.8 percent. By way of comparison, in the first half of 2023, the group reported a net profit of 463 million Swiss francs.
For the current year, Schindler expects to register low single-digit revenue growth in local currencies, while the EBIT margin is to be maintained at 11 percent. Schindler is planning restructuring costs to the tune of 80 million Swiss francs in order to achieve further improvements in organizational efficiency.
