Electrolux Sees Profits Increase 11.2%

Oct. 27, 2008
However consumers are still postponing purchases of appliances due to uncertain economic times.

Electrolux, the world's leading electric appliance maker, posted stronger than expected third-quarter results on Oct. 27. For the July to September period, the company reported a net profit of 847 million kronor (US$ 104.4 million), up 11.2%.

Electrolux's sales meanwhile remained virtually unchanged at 26.34 billion kronor compared to 26.27 billion a year earlier.

Despite the good news, company chief executive Hans Straaberg meanwhile said Electrolux was still feeling the effects of the global financial crisis. "The financial crisis has without a doubt affected the consumption levels of appliances. Many consumers are postponing their purchases or choosing less expensive products," he said. "And there's no evidence that the weak market developments will turn around in the near future."

The company is in the the process of restructuring its business to reduce production costs.

Straaberg refused however to try to predict how demand in the company's different markets would develop going forward. "We are in the midst of a very uncertain period, where the developments on our main markets-Europe and North America-are not likely to improve in the near future," he said.

Copyright Agence France-Presse, 2008

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