Elevator and escalator provider KONE Corporation announced that it experienced resilient sales and orders during the first quarter of the year. It was also announced that its supply chain continues to run and deliver products to customers with minimal interruptions across the world.
Finland's KONE Corporation gained 2,109 million euros during the first quarter of 2020 that indicated a 0.7 percent growth from its 2019 values. In a press release, the company announced that its sales remained unchanged from the first quarter of 2019 and its adjusted earnings before taxes and interest (EBIT) declined by 10 percent from 228 million to 206 million euros, reported Xinhuanet.
According to KONE CEO Henrik Ehrnrooth, its Chinese business recovered faster than most and that its current level of customer deliveries remain high. The company estimated that by this year, its sales might decline or maintain its stability at comparable exchange rates compared to 2019 values. The duration of the pandemic and the continuance of government measures would determine the pace of its recovery.
The stable sales of KONE Corporation would be maintained if the company would sustain its positive progress in China, the largest market for its products. Its sales are expected to decline by five percent for the rest of 2020 that may impact the business mainly during the first half of the year but may indicate a gradual recovery by the second quarter.
It was also noted that the broad and strict restrictions imposed by the government against businesses might impact KONE's operations into the second half of 2020 as well where the sales may decline by five to 10 percent.
In other news, Devdiscourse reported that KONE Elevator India is one of the best-performing companies to work in the country. The recognition was awarded by Great Place to Work Institute and certified the company for providing a culture of high trust and performance for its employees.
The Institute looked into the rigorous and objective characteristics of the company before awarding the 'Gold Standard' in considering KONE as a provider of great workplaces across businesses, academes, and government organizations in India.
Each year, the award is given to 10,000 organizations operating globally in 60 countries. These companies partnered with Great Place to Work Institute and became open for assessment, benchmarking, and for planning actions to improve their workplace culture. The award also highlighted that KONE provides the highest standards of quality and efficiency for its workers.
The award read that it was the first time it recognized KONE for the commitment to Indian workers and for supporting their growth aspirations. KONE then claimed that it never compromised organizational culture and continue to foster a collaborative culture built on trust and mutual respect.
