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Electrolux reports profit boost from emerging markets

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(Globalpost/GlobalPost)

Electrolux, a leading maker of household appliances, reported on Friday a 26.0-percent leap in net profit for 2012 owing to strong performance in emerging economies and in North America.

In 2012, the group made a net profit of 2.596 billion Swedish kronor (300 million euros, $409 million).

In October and November, on a 12-month basis, net profit rose by 32.0 percent to 291 million kronor but this was far below the average figure forecast by analysts polled by Dow Jones Newswires who had expected 394.6 million kronor.

Sales for the year rose by 8.0 percent from the level in 2011.

Electrolux said that it was confident about the outlook for this year, as well.

Chief executive Keith McLoughlin said in a statement that the company expected weakness in the European market to be offset by growth in North America and on emerging markets.

He said that in 2012, the group had achieved record growth of its existing businesses.

This year the group would be focused heavily on launching products and this would require new investment, he said.

However, some costs would be reduced by action within the group and by a slight fall of the costs of some raw materials.

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ELECTROLUX

http://www.globalpost.com/dispatch/news/afp/130201/electrolux-reports-profit-boost-emerging-markets