© Reuters. FILE PHOTO: The logo of Swiss elevator maker Schindler is seen during the annual news conference in Zurich, Switzerland February 14, 2020. REUTERS/Arnd Wiegmann

(Reuters) – Swiss elevator and escalator manufacturer Schindler on Friday cut its revenue guidance for the full year, citing China market contraction and COVID-related lockdowns.

The company now expects 2022 revenue to move by -2% to +2%, after previously guiding for growth in the range of 1% to 6%.

It expects 2022 net profit to reach 620-660 million Swiss francs ($640-$682 million), below the 2021 figure of 881 million francs.

($1 = 0.9684 Swiss francs)

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