Published on October 28th, 2016 | by The GC Team0
Electrolux posts 25% rise in net profit
Electrolux has reported a 25% rise in net profit for the third quarter of 2016, reflecting improved results in most of its business areas.
Income for the period grew from SEK 1,014 million to SEK 1,267 million on sales of SEK 30,852 million, down 1.4% on the same period last year.
Operating income grew 21% to SEK 1,826 million.
Demand in Western Europe slowed compared with previous quarters, although there was a slight increase year-over-year. Markets such as the Nordics, Benelux and Germany continued to improve, while demand in the UK, France, Italy and Spain declined. Eastern Europe rose by 2% year-over-year.
EMEA operating income rose 12% to SEK 680 million on sales of SEK 9,579 million.
Electrolux said it expects European market demand growth of 2-4% for 2016; however, this is likely to be in the lower end of the range.