March 23, 2020 / 9:52 AM / 17 days ago

Liftmaker Kone slashes business outlook due to coronavirus

HELSINKI, March 23 (Reuters) - Finnish liftmaker Kone has downgraded its business outlook for this year due to the coronavirus outbreak, it said on Monday.

“Kone now estimates that in 2020, its sales will decline or be stable at best at comparable exchange rates as compared to 2019,” the company said in a statement, adding its adjusted EBIT margin is now expected to decline somewhat or be stable at best.

Kone had previously estimated its sales to grow by 0-6% in 2020 at comparable exchange rates as compared to 2019 and its adjusted EBIT to be in the range of 1,250-1,400 million euros, assuming flat foreign exchange rates.

Reporting by Anne Kauranen; Editing by Catherine Evans

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