UPDATE 2-Schindler sees slowest revenue growth in 4 years, hurt by weak China

martes 16 de agosto de 2016 04:13 GYT
 

* Shares down 4 pct - top Stoxx 600 faller

* Cuts FY revenue growth forecast to 3-5 pct in local currencies

* Q2 order growth slightly better than expected (Adds share price movement, analyst comments)

By Bartosz Dabrowski

Aug 16 (Reuters) - Swiss elevator manufacturer Schindler Holding AG expects the slowest revenue growth in four years as uncertainty in the Chinese construction market and the recession in Brazil continues to hurt.

The company cut the top-end of its revenue growth forecast and gave a lower-than-expected profit outlook, sending its shares down four percent in early trade on Tuesday, off the record highs the stock had set last week.

Housing inventories are on the rise in China, mainly in smaller cities, as investment growth in China's real estate sector slowed in first half of 2016. This directly hurts global construction and building materials manufacturers.

Schindler said new installations in the Chinese market continued to decline, but it reported slightly better-than-expected order growth for the second quarter as it benefitted from better performance in Europe and the Americas region.

"Schindler continues to expect that the global elevator and escalator market will experience a slight decline in 2016, primarily due to weakening markets in China and Latin America," the company said in a statement.   Continuación...