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Electrolux profit rises on price increases
By Malin Rising |
October 27, 2009, Tuesday
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Print Edition
Print Edition
SWEDISH appliance maker Electrolux AB yesterday reported a 93 percent rise in third-quarter profit as cost cuts and increased prices on its products helped it defy weak market demand.
The group, which makes refrigerators and vacuum cleaners, said net profit was 1.6 billion kronor (US$236 million), up from 847 million kronor in the same period a year earlier.
Revenue for the quarter increased 5 percent to 27.6 billion kronor from 26.3 billion kronor in the same period of last year, boosted by higher prices on the goods sold and favorable currency exchange rates.
In comparable currencies, revenue fell 3 percent.
The result sharply beat analysts' expectations, making it the third consecutive quarter of strong results for Electrolux.
Chief Executive Hans Straberg said Electrolux has raised prices on its products despite a competitive market.
He warned, however, that demand remained depressed.
The group, which makes refrigerators and vacuum cleaners, said net profit was 1.6 billion kronor (US$236 million), up from 847 million kronor in the same period a year earlier.
Revenue for the quarter increased 5 percent to 27.6 billion kronor from 26.3 billion kronor in the same period of last year, boosted by higher prices on the goods sold and favorable currency exchange rates.
In comparable currencies, revenue fell 3 percent.
The result sharply beat analysts' expectations, making it the third consecutive quarter of strong results for Electrolux.
Chief Executive Hans Straberg said Electrolux has raised prices on its products despite a competitive market.
He warned, however, that demand remained depressed.
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