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Gorenje Posts 1Q Loss
Jun 1, 2009
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Gorenje posted a 1Q net loss and said that it expects sales to fall 12% this year to between 1.15 and 1.18 billion euros (approx. US$1.64 billion). It made a revised forecast, which is below the one made in December, when it said 2009 profit would be 15.7 million euros, with sales at 1.34 billion euros. It now expects 2009 operating profit at between 7 million to 10 million euros, compared with a first-quarter operating loss of 7 million euros.

Gorenje said the biggest fall in sales for 1Q was recorded in Ukraine, Croatia, Russia, and Romania. Yet it reported an increase in sales and market share in Germany, Austria, Serbia, and the Czech Republic.

It also plans to reduce its workforce to around 10,450 by the end of this year from 11,000 at the end of 2008, with further job cuts likely over the next three years.

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