The board of appliance producer Indesit Company (Fabriano, Italy) approved first quarter 2012 results showing that the company had 1Q revenues of 621.5 million euros, down 3.6% from 644.4 million euros in the first quarter of 2011. Net profits were 10.9 million euros, down 45.6% from 20 million euros in 1Q 2011.
"Despite the year opening with markets important to us in serious contraction, we are seeing encouraging signs of growth to the East, mainly in Russia, where Indesit is the leader, and in Poland," said CEO Marco Milani. "Our results in the UK market were also very good."
Milani said he expects the industry in 2012 to "proceed at two speeds" - slow at first, with a difficult first half to the year, and a recovery in the second half.
"The trend in raw materials prices will enable the Group to save on procurement costs," Milani added. "2012 will see the Group continue to enrich its offering with new products, with positive expectations of growth in the mix, maintain an efficient costs structure and optimize use of its resources."
He also announced that the company had its 2011 Sustainability Report audited and moved into application level A+, the highest level in the Global Reporting Initiative guidelines (GRI-G3).
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