Switzerland's Schindler reports record profit in 2006

Swiss elevator and escalator maker Schindler recorded a 27.4 percent rise in net profit for 2006 thanks to strong growth in its core business, Swiss Radio International reported on Monday.

The company benefited from heightened demand in emerging markets in Asia and the Middle East for installation of high-rise buildings and the launch of new elevator systems in Europe.

Net profit of the company rose to 511 million Swiss francs ( about 412.1 million U.S. dollars). Besides growth in new markets, the consolidation of Finnish company GNT Holding -- acquired by Schindler subsidiary ALSO -- and the sale of real estate boosted the bottom line.

The company's sales in the elevators and escalators division rose 13 percent to 8.4 billion Swiss francs (about 6.8 billion U.S. dollars) in 2006.

Schindler Group is the world number one escalator manufacturer and the second largest elevator supplier.

It competes with Germany's ThyssenKrupp, Otis of the United States and Kone of Finland on the world market.

Source: Xinhua