Schindler Group: Pleasing first half of 2010

Net profit improved by 5.9% to CHF 339 million in the first half of 2010. Cash flow rose substantially (+15.7%) to CHF 421 million.

In the elevators and escalators business, Schindler recorded a 9.1% increase in orders received (+9.4% in local currencies) compared to the first half of 2009. Compared to the second quarter of 2009, orders received rose by 10.4% (+10.7% in local currencies). Operating profit totaled CHF 487 million in the first half of 2010, which corresponds to an EBIT margin of 12.1%. A margin of 12.3% was generated in the second quarter.

Excluding any unforeseeable events, Schindler expects net profit for 2010 to be approximately in line with the previous year's good result.