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Published on November 10th, 2016 | by The GC Team

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Gorenje reports another quarter of rising profits

Slovenian appliance manufacturer Gorenje reported a profit of €4.1 million for the first nine months of 2016, compared to a loss of €9.4 million in the same period last year.

Revenues grew 2.9% to €900.9 million for the January to September period.

Third-quarter profit increased from a loss of €2.5 million to a positive €2 million on revenues of €319.6 million, up from €317.4 million in Q3 2015.

Gorenje said its successful performance was fuelled by major appliance sales and a 36.3% rise in revenue from small domestic appliances.

Favourable geographic composition resulted in increased sales in Benelux, Central and Eastern Europe, including Russia and Ukraine, Australia and the USA.

The company added that raw and processed materials costs were successfully adjusted to the higher sales volume, generating considerable savings. Logistics, warranty repairs, and currency risks were also managed well, it said.

Based on incoming orders, Gorenje expects 2016 fourth-quarter sales to be the highest quarterly sales of the year. Group revenue in the period is expected to be between €340 million and €350 million.

The Group estimates that its planned net profit of €7.6 million will be attained for 2016.

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