Schindler reports largest profit in company histor

Elevator and escalator Switzerland - Elevator and escalator manufacturer Schindler announced Tuesday that it had a record year in 2008, making a net profit of 634 million Swiss francs (541 million dollars), more than double the previous year's figure.

The earnings - up from 278 million francs net profit in 2007 - cam on turnover of 14 billion francs, Schindler said.

The company said its main elevators and escalators business increased operating profit by 11.6 per cent to 895 million francs. The value of new orders rose by 2.6 per cent to 9.25 billion francs.

Growth was recorded in all market regions in 2008, the manufacturer said in a statement.

The company was looking to raise its dividend to 2 francs at a general meeting in March, it added.

The outlook for 2009 was gloomier, though the company did say it still planned on turning a profit "excluding any unforeseeable events."

Even so, it was already clear that the level of orders for their products would be impacted by the poor economic growth expected this year. (dpa)