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Electrolux Reports 2Q Profit Increase
Jul 16, 2009
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Electrolux AB reported today that profits increased in the second quarter, thanks to cost cuts and favorable currency rates.

Net profit was 658 million kronor (approx. US$84.4 million), up from 99 million kronor in the same period a year ago. Sales for the three-month period increased by 7.4% to 27.5 billion kronor ($3.5 billion) from 25.6 billion a year earlier.

The company said earnings were also helped by cost reductions, lower raw material prices, and price increases on its products.

"Market development continues to be weak, although in North America we see certain early signs that we are beginning to reach the bottom," Chief Executive Hans Straberg said in a statement.

He added that "Starting this fall, we will implement a new organizational structure to fully realize synergies between business sectors in product development, manufacturing, and purchasing."

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