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Finnish escalator maker Kone says 4th-quarter profit soared

Finnish escalator maker Kone says 4th-quarter profit soared

Finnish elevator and escalator maker Kone Oyj said Friday that fourth-quarter profit rose 49 percent after the company won new orders and boosted its market share.
Net income rose to euro80.1 million (US$103.9 million) in the three months through Dec. 31, from euro53.8 million in the same period a year earlier, the company said in a statement. Revenue increased to euro1.15 billion (US$1.49 million) from euro1.01 billion.
Kone expects sales to rise about 10 percent in 2007. The company's forecast for operating income growth is about 20 percent, much the same as in 2006.
The company is paying a dividend of euro1 (US$1.30) a share.
"In comparison with competition, we succeeded very well in increasing our orders and especially our profitability, the company said.
Kone shares dropped 4.1 percent to euro43 (US$55.77) in Helsinki.