European appliance maker Indesit said net profit fell 47% last year. Revenues were also lower on a consumer slowdown and unfavorable exchange rates. It also said that the coming year will continue to be difficult, and that its board would not propose a dividend.
Net profit was €55.5 million (approx US$71.75 million). Operating profit fell 26.9% to €140.6 million, but rose 18.5% at constant exchange rates. Turnover fell 7.4% to €3.155 billion, a 3.2% fall at constant exchange rates.
"2009 is going to be a difficult year: the negative factors that characterized 2008 will persist," said Marco Milani, CEO. "In this context, the company’s top priority will be maintaining its financial solidity and leadership positions across Greater Europe. Further, 2009 will see the most impressive program of new product launches in the company’s history."
to Daily News