X

Swedish appliance giant Electrolux has reported an 82 per cent drop in net profit and cut its full-year forecast, citing very weak markets in North America and Europe.

200807210752321f12f 200x150 Electrolux Profits Get Sucked Away

The company said net profit for the second quarter fell to US$16.5 million from US$$91 million in the same period a year ago, mainly due to the costly launch of a new premium appliance line in North America, according to The Chicago Tribune.

It said the introduction of the new Elextrolux brand reduced operating income for the second quarter by about $US38.4 million.
Electrolux also cut its outlook for the full year, saying it expects an operating profit of between $US 551 million-$US651 million, according to the report.

The report notes that the company previously expected profits to stay about the 2007 level, when it had operating earnings of $US752 million.

en us WD Black Banners Portfolio 728x90 Electrolux Profits Get Sucked Away
Moxyo Zigi Band 728x90 1 Electrolux Profits Get Sucked Away
BEL2117 4Square AUF001 728x90 Electrolux Profits Get Sucked Away
728x90 7 Electrolux Profits Get Sucked Away
Olimpia Splendid Unico Cooling 728x90 Electrolux Profits Get Sucked Away
The Over ear Headphones Leaderboard 728x90 1 Electrolux Profits Get Sucked Away
728x90 MOTOROLA EDGE 20 PRO Electrolux Profits Get Sucked Away
ALOGIC 728x90 1 Electrolux Profits Get Sucked Away
HAR0532 SHCHnews BT 728x90 Electrolux Profits Get Sucked Away
SmartHouse DAP X1860 728x90 V2 Electrolux Profits Get Sucked Away


YOU MAY ALSO LIKE