Elevator-maker Kone beats profit expectations in third quarter

Elevator-maker Kone beats profit expectations in third quarter
FILE PHOTO: Finnish company KONE flag flutters at their headquarters in Espoo, Finland July 17, 2018. REUTERS/Ints Kalnins -
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HELSINKI (Reuters) – Finnish elevator maker Kone <KNEBV.HE> reported higher than expected quarterly profits on Wednesday, which it attributed to improved pricing and efficiency.

The company is seen as a potential bidder for the elevators business of German industrial group Thyssenkrupp <TKAG.DE>, with reports it has offered around 15 billion euros for its German rival.

Kone’s third-quarter adjusted operating profit rose 17.6% from a year ago to 322 million euros (£278 million), beating the average forecast of 309 million euros collected by the company from 20 analysts.

Shares in Kone rose nearly 2% after the results.

(Reporting by Anne Kauranen; Editing by Susan Fenton)

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