KONE REPORTS STRONG GROWTH IN ORDERS RECEIVED
In its third-quarter interim report, KONE Corp. reported that orders received grew by 15% in the January-September period, or 18% at comparable exchange rates. Orders received totaled EUR2.8 billion (US$4 billion). In the third quarter, orders-received growth was 25%, or 27% at comparable exchange rates. Orders received totaled EUR926.3 million (US$1.3 billion). Net sales grew by 13% to EUR2.8 billion (US$4 billion) in January-September (at comparable exchange rates, growth was 16%). In the third quarter, net sales grew by 10% to EUR971.6 million (US$1.4 billion). At comparable exchange rates, growth was 13 percent.

Operating income was EUR170.4 million (US$243 million) in January-September, compared to EUR236.7 million (US$337.6 million) in the same period in 2006. Excluding the EUR142-million (US$202-million) fine from the European Commission’s decision (ELEVATOR WORLD, April 2007), operating income was EUR312.4 million (US$445.5 million), or 11.2% of net sales. In the third quarter, operating income was EUR126.7 million (US$145.1 million), or 13% of net sales.

KONE’s target for 2007 is to achieve a growth close to 15% in net sales, calculated at comparable exchange rates, compared to 2006. The operating income target is to achieve a growth close to 30% percent from the comparable 2006 figure of EUR360 million (US$513 million). This target excludes the fine for the European Commission’s decision and the possible fine from Austria (ELEVATOR WORLD, December 2007).

TOSHIBA ANNOUNCES RESULTS FOR FIRST HALF OF FISCAL YEAR
Toshiba Corp. has announced higher consolidated sales and operating income for the first half of fiscal 2007 (compared to the same six-month period in 2006). The reporting period covers April-September 2007. For the first half of year, consolidated operating income was JPY82.5 billion (US$717.6 million), while overall sales for the period were JPY3.7 trillion (US$32.1 billion). Net income for the period increased by JPY6.9 billion (US$64.5 million) over the same six months in 2006 to JPY45.7 billion (US$397 million).

The company based its results on the continued expansion of the Japanese economy, coupled with improved consumer spending. Its increased sales were also influenced by continued growth in the rest of Asia and Europe, although Toshiba noted that the “pace of economic expansion in the U.S. slowed on a decrease in home purchases, and the outlook is uncertain due to the subprime mortgage crisis.”

Within its Social Infrastructure business segment, consolidated sales and operating income both grew for the period. Toshiba Elevator and Building Systems Corp. is a wholly owned subsidiary of Toshiba Corp.

MITSUBISHI ELECTRIC ANNOUNCES FIRST-HALF REPORTS
Mitsubishi Electric Corp. reported increases across the board in its consolidated and non-consolidated financial results for the six-month period ending September 30, 2007 when compared to the same period as last year. The company noted, “Management conditions during the first half of fiscal 2008 saw general steady development of the global economy mainly in China and Europe despite a stronger stagnation in the U.S.”

In its consolidated financial results, Mitsubishi Electric reported net sales of JPY1.9 trillion (US$16.5 billion), an increase of 5% from the same period last year; operating income of JPY129.1 billion (US$1.1 billion), a 38% increase; income before taxes of JPY129.6 billion (US$1.1 billion), a 57% increase; and net income of JPY91.5 billion (US$797.9 million), a 62% increase. Its non-consolidated financial results included net sales of JPY1.1 trillion (US$9.9 billion), an increase of 5%; operating income of JPY72.8 billion (US$634.9 million), an increase of 29%; ordinary profit of JPY84.1 billion (US$733.6 million), an increase of 33%; and net income of JPY57.9 billion (US$505.1 million), an increase of 88%.

The Energy and Electric Systems segment, which includes the elevator and escalator business, had total sales of JPY440.2 billion (US$3.8 billion) for the first half year, a 13% increase from the same period last year, and operating income of JPY23.4 billion (US$204.1 million). According to the report, “The building systems business experienced increases in both orders and sales compared to the same period of the previous fiscal year due to increases in domestic elevators and escalators for the retail industry and railroad companies, as well as increases in initiatives in China and the Middle East.”

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