The company's annual net profit was 935 million Swiss francs ($1.06 billion), beating analysts' forecast of 910.4 million francs, a poll compiled by Vara Research showed.

Schindler does not expect a recovery in new installations for 2024, with markets in the Americas and EMEA expected to post declines between 5% and 10%, respectively, and a more than 10% fall in China.

In 2023, Chinese construction starts measured by floor space fell by 20.9%, according to Schindler.

China's troubled property market is showing little signs of recovery in the short term, despite a series of government stimulus measures to help revive activity in the sector that makes up about a fifth of the nation's economic output.

Finnish elevator and escalator maker Kone last month forecasted 2024 sales in line or slightly above last year's level, after its fourth-quarter results beat expectations.

Schindler will publish its 2024 net profit guidance with the publication of the half-year results in July.

($1 = 0.8858 Swiss francs)

(Reporting by Ozan Ergenay and Louis van Boxel-Woolf; Editing by Kim Coghill and Eileen Soreng)