Schindler reports record profit

Swiss elevator and escalator maker Schindler has posted a record 11 per cent increase in full-year net profit for 2008 to SFr634 million ($546.5 million).

Revenue grew by 1.4 per cent to SFr14.02 billion last year, but Schindler warned that a further weakening in economic growth in 2009 would hit demand for its products.

“Many countries are already in a recession, and it is extremely difficult to anticipate how the economy will develop,” a group statement said.

An increased dividend of SFr2 will be proposed to the general meeting. The group’s workforce of 45,000 remained almost unchanged in 2009.