Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Credit
Company

Finland's KONE Corporation reports resilient sales in Q1, rapid recovery in China business

April 23, 2020


Abstract : Finland's KONE Corporation, a leader in elevator and escalator industry, reported on Wednesday resilient sales and orders in the first quarter of this year, noting that it has been able to overcome significant challenges brought by the coronavirus epidemic.

HELSINKI, April 22 (Xinhua) -- Finland's KONE Corporation, a leader in elevator and escalator industry, reported on Wednesday resilient sales and orders in the first quarter of this year, noting that it has been able to overcome significant challenges brought by the coronavirus epidemic, with its supply chain continuing to deliver to customer needs with minimum interruptions across the world.

New customer orders to KONE during Q1 of 2020 amounted to 2,109 million euros, a 0.7 percent growth from the same period of 2019, stated a press release from the company. Sales remained unchanged from Q1 of 2019 at 2,198 million euros. Adjusted earnings before interest and taxes (EBIT) in Q1 declined 10 percent from 228 million in 2019 to 206 million euros.

KONE CEO Henrik Ehrnrooth said that on a positive note, KONE'S "China business has recovered rapidly, and the current level of customer deliveries is very high."

Looking ahead, KONE estimated that in 2020, its sales will decline or be stable at best at comparable exchange rates as compared to 2019, depending on the duration and severity of the COVID-19 related government measures and the pace of recovery.

Stable sales would require a relatively brisk recovery in the second half of 2020 and sustained positive progress in KONE's largest market China, it noted, adding that KONE's sales are expected to decline by less than five percent in case the restrictive measures would impact its business mainly in the first half of 2020 and there would be a gradual recovery in the second.

If the broad and strict government measures continue to impact KONE's operations well into the second half of 2020, KONE's sales are expected to decline by 5-10 percent, it noted. (1 euro = 1.09 U.S. dollars) Enditem

Scan the QR code and push it to your mobile phone

Keyword: China Finland KONE

Reading:

China tightens regulation of business loans collateralized with property

China extends new-energy vehicle tax exemptions by two years

Economic Watch: China seeks to boost industrial chain resilience amid COVID-19 strains

About routes along 21st Century Maritime Silk Road

China ramps up financial support to accelerate manufacturing recovery amid epidemic

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial