Indesit 2012 Profits Up 6% Feb 14, 2013

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Italian appliance OEM Indesit Company reported higher revenues and increase market share, despite the market slowdown in the company's primary markets in Western Europe and Eastern Europe.

Indesit had 2012 revenues of EUR 2,886.0 million, up 2.1% from EUR 2,825.3 million in 2011.

Earnings before interest and taxes (EBIT) was EUR 133 million, down from 2011's EUR 150 million. Net profits for the year were EUR 62 million, up 6% from 20111's EUR 59 million.

Successful new products helped Indesit improve its estimated market share, to 13%. It saw especially good results in the UK and in Eastern Europe. The company also saw a 9.3% increase in revenues from service businesses.

"Our sales performance and margins are positive, so we should be very satisfied given the market scenario," said Indesit Chairman Andrea Merloni. "These results show that the company is working well and is solid and efficient."

"This year our objective was to increase our market share whilst defending the company's profitability and financial solidity. We managed this," said Indesit CEO Marco Milani. "We have started out in a good position on this 2013, which we don't expect to be much better than last year."

The company showed 1.6% growth in revenues from finished products, which reflected favorable trend in exchange rates (2.4%) and higher sales volumes (1.8%). These were partially offset by a negative price/mix (2.6%).

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