| HELSINKI, April 27
HELSINKI, April 27 Finland's Kone Oyj
, the world's second-biggest elevator maker, said
orders and profit fell in the first quarter, knocking its shares
Although Kone raised its full-year sales and profit
forecasts due to the Chinese market showing signs of
stabilisation after two years of declines, shares in the
company, which also makes escalators, fell by 2 percent.
Kone said its new equipment order volumes in China - the
world's biggest elevator market - turned stable in the first
quarter, and that market prices had also started to stabilize.
However, the company repeated its forecast that
installations in China would likely decline 0–5 percent in units
ordered, adding that competition will continue to be intense.
Kone sees its global sales growing 0-3 percent this year,
whereas it had previously forecast that sales could be down 1
percent or grow by up to 3 percent.
Operating profit for 2017 is forecast to be in the 1.20-1.29
billion euro range, compared to a previous estimate of 1.18–1.30
billion euros, Kone said.
Kone's total order intake fell 1.5 percent from a year ago
to 1.91 billion euros ($2.1 billion) in the first quarter, while
operating profit decreased 1.7 percent to 218 million euros,
both slightly below market expectations.
Otis, owned by U.S. group United Technologies, is
the market leader ahead of Kone, which is bigger than
Switzerland's Schindler and German rival ThyssenKrupp
in the elevator industry.
($1 = 0.9178 euros)
(Editing by Alexander Smith)