HELSINKI :Reduced liquidity in the Chinese property sector and rising supply chain costs are expected to weigh on 2022 profits, elevator maker Kone said on Wednesday, as it reported a year-on-year fall in fourth-quarter core earnings.
Kone, which relies on China for approximately 35per cent of its sales, gave a first estimate for its 2022 profits, expecting its adjusted operating income to be 1.18-1.33 billion euros , slightly down from 1.31 billion in full-year 2021. Global supply chain challenges were also showing no sign of going away, Ehrnrooth said, adding sea freight charges were five to six times higher than before the pandemic.
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