HELSINKI (Reuters) - Elevator maker Kone reported on Wednesday falling quarterly profits, citing price pressure in China, higher raw material prices and unfavourable foreign exchange rates.
Adjusted operating profit in the first quarter fell 11 percent from a year ago to 218 million euros ($266 million), compared with analysts' average forecast of 212 million euros in a Reuters poll.
The Finnish company said it expected sales to grow 3-7 percent this year at comparable exchange rates but core operating profit to be in the range of 1.10-1.20 billion euros, compared with 1.21 billion euros in 2017.
($1 = 0.8191 euros)
(Reporting by Jussi Rosendahl, editing by Gwladys Fouche)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app