Whirlpool India to Invest in Product Development, Add Stores
Feb 8, 2011
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Stronger sales is resulting in a $22 million to $27 million investment for Whirlpool India in fiscal 2011. The money will go to new product development, promotion, and capital improvements, according to an Asia Pulse Data Source report on tradingmarkets.com.
Whirlpool of India Ltd. Reported net profits for the third quarter of its current fiscal year (ended Dec. 31, 2010) of $5.3 million on sales of $162 million. That's up from the third quarter of the previous year, with net profits of $3.6 million on sales of $133 million.
For the first nine months of its current fiscal year, Whirlpool of India reported net profits of $26.2 million, up from $19.2 million last year. Nine-month sales were $543 million, up from $423 for the first nine months of the previous year.
Whirlpool of India said the growth came even while commodity prices have been increasing. The media report said that some of the investment will also be used to enhance the company's retail presence. Plans were already in place to more than double the number of Whirlpool-exclusive retail stores from 65 to 150 in 2011.
Whirlpool of India Vice President Corporate Affairs & Strategy South Asia Shantanu Dasgupta told the media outlet that most of the brand-exclusive shops are in the northern part of India and the company now intends to expand in other regions. He also said that new refrigerator and washing machine models will be launched in 2011.
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