Gorenje Announces Q3 Results Nov 22, 2004

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Slovenian-based appliance maker Gorenje Group announced net revenues increased 9.4 percent for the 9-month period ended September 2004 to SIT 154.4 billion (approx. U.S. $852 million) compared to the same period in 2003.

According to the company, its revenue accounts for 77 percent of planned net revenue for 2004. Gorenje reported net profit for the 9-month period declined 5.5 percent to SIT 3.4 billion (approx. $18.7 million).

The company also announced that it still anticipated that the rising costs for raw materials and consumables, mainly steel and petrochemicals, would not exceed SIT 1.3 billion (approx. $7.2 million) in the second half of 2005.

Gorenje says it will attempt to curb the rising material costs by searching for alternative supply sources, implementing selective price increase of household appliances, and enhancing the company's sales structure.

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