Swiss lift and escalator manufacturer Schindler saw its net profit drop 14.1 per cent for 2011 over the previous year, affected by the strong franc and restructuring charges.This content was published on February 21, 2012 - 16:03
The company said on Tuesday that profits for last year reached SFr611 million ($670 million), for revenues of SFr7.845 billion, down 4.1 per cent.
Orders received declined by six per cent to SFr8.25 billion from SFr8.78 billion in 2010. In local currencies, they actually increased though by six per cent.
Earnings before interest and taxes fell 16.8 per cent to SFr790 million, a drop of 16.8 per cent. The decrease reflects a one-time charge of SFr135 million related to restructuring measures decided in the last quarter of 2011.
These measures include slashing 1,770 jobs out of a total of 44,387 worldwide. The decision to reduce the company workforce was taken to counter the effects of the strong franc.
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