Lift manufacturer, Schindler reports £96.8m net profit in first six-months as it awaits EU antitrust investigation

Elevator and escalator manufacturer, Schindler has recorded a 37.2% increase in net profit in the first half of the year as it awaits the results of a EU Commission investigation into the lift industry.

Net profit jumped to £96.8m in the first six months to June 2006 compared with £70.6m in the same period last year. Operating profit rose 10% to £140m and operating revenues increased 16.6% to £2.05bn.

Alongside Otis, Kone and Thyssenkrup, the EU Commission has been carrying out an antitrust investigation into Schindler since 2004.

The Commission’s decision is expected by the end of the year and could result in a fine equal to 10% of annual turnover.