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Money News

Schindler reports second-quarter profit drop, cuts jobs due to coronavirus crisis

(Reuters) - Swiss elevator and escalator manufacturer Schindler reported on Friday a fall in second-quarter net profit and announced around 2000 job cuts over the next two years, citing the global slowdown induced by the COVID-19 pandemic.

Net profit in April-June fell 21% to 188 million Swiss francs ($203 million), which was below last year’s 239 million francs.

The company raised the lower range of its 2020 revenue outlook and now sees a 0-6% decline in sales, compared to the previous outlook of a 0-10% fall. It sees full-year net profit of 680-720 million francs, which is below the previous guidance of a net profit 20% lower than the 929 million francs reported for 2019.

($1 = 0.9247 Swiss francs)

Reporting by Bartosz Dabrowski in Gdansk; Editing by Muralikumar Anantharaman

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