Finnish elevator maker Kone cuts 2022 outlook after weak China sales

HELSINKI (Reuters) -Elevator maker Kone on Thursday lowered its gross sales and revenue outlook for this yr as a consequence of lower-than-expected second quarter gross sales and weakened new tools market outlook in China.

Lockdowns to curb the unfold of coronavirus in China, which accounts for 35% of Kone’s gross sales, had resulted in web gross sales declining by near 40% in comparable currencies within the nation, the corporate mentioned in a press release.

Kone now expects its 2022 adjusted working revenue to be between 1.13 billion and 1.21 billion euros ($1.12-$1.21 billion) down from a earlier forecast of between 1.18 and 1.28 billion euros.

Gross sales progress is now seen at between -1% and three% in comparison with the beforehand guided vary of progress of 2-5%.

($1 = 0.9984 euros)

(Reporting by Essi Lehto, modifying by Stine Jacobsen)