Sweden: Electrolux net profit soars 42%

Published Oct 21, 2014

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SWEDISH electrical appliance maker Electrolux yesterday reported its third-quarter net profit soared 42 percent to 933 million krona (R1.4 billion) thanks to a cost-cutting programme started at the end of 2013. Sales over the quarter increased 5.6 percent to 28.8 million krona, slightly better than the 28.4 million krona expected by analysts. Electrolux said its European operations were performing better because of the reduced costs and improved management of product portfolios. The trims included cutting its number of employees by 3 percent. Electrolux bought General Electrics appliances business for $3.3bn (R36bn) in September as part of an expansion aimed at doubling its US sales. The transaction is to be concluded next year. – Sapa-AFP

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