September 25, 2018 / 6:15 AM / 3 months ago

Elevator maker Kone sees labour shortage, raw materials burdening 2019 profit

HELSINKI, Sept 25 (Reuters) - Labour shortages in Europe and North America will be among the factors burdening Kone’s earnings next year, the Finnish elevator maker said at its capital markets day on Tuesday.

Raw materials and currencies at current levels will also pose headwinds, as well as trade and geopolitical uncertainties that complicate business in the Middle East in particular, Chief Executive Henrik Ehrnrooth said in a presentation.

Kone’s profits have been hit by tough price competition in China, higher raw material prices and unfavourable foreign exchange rates.

Reporting by Jussi Rosendahl, editing by Terje Solsvik

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