Shareholders of appliance maker Indesit Company approved its 2010 financial statements on May 3, 2011, reporting a 2010 net profit of euro 90 million, compared with euro 35 million in 2009. Revenues for 2010 were euro 2.9 billion, up 10.2% from 2009. EBIT was euro 184 million, up 55%.
Indesit operates in three geographic market segments:
• Western Europe: Italy, the UK and Ireland, France, Spain, Portugal, Germany, Austria, Switzerland, Benelux, Scandinavia, and Baltic countries
• Eastern Europe: Russia and the Asian Republics, Poland, Ukraine, Moldova, Czech Republic, Hungary, Romania, Greece, Turkey, Bulgaria, and the Balkans
• International: all other non-European markets
Indesit reported revenue from sales in Western Europe in the fourth quarter of 2010 and for the entire year were higher than in comparative periods of 2009. Profitability was higher in 2010 than in 2009. Overall, Indesit saw a 3.4% increase in sales in 2010 compared with 2009. The company called this result "positive considering the maturity of these markets" but well below its other markets. The economic recovery here is slow and appliance demand remains "far beneath pre-crisis levels."
Indesit reported "an exceptional increase in revenue" from appliance sales in Eastern Europe in 2010 compared to 2009. Shipments volumes increased steadily throughout 2010; currency appreciation also contributed to the revenue increases and helped offset deterioration in the price-mix.
Indesit reported International segment revenue was up 19.4% in 2010 compared to 2009 and profitability was higher in 2010. Indesit reported strong performance in Asia and the Middle East, both showing volume increases. Sales were also good in Argentina and the United States. African sales declined in the first 9 months of 2010 but these declines ceased in the fourth quarter of 2010.
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