Indesit 1Q Sales Down, Plans to Enter Small Appliance Market
May 15, 2013
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Italian-based Appliance maker Indesit Company revenues I the first quarter of 2013 were EUR 597.7 million (approx. US$770 million), down 3.8% from EUR 621.5 million in the first quarter of 2012.
Operating profit in 1Q 2013 was EUR 13.9 million, down 33.2% from 1Q 2012's EUR 20.9 million.
The group's net result in 1Q 2013 was a profit of EUR 4.1 million, down -62.2% from 1Q 2012's profit a EUR 10.7.
The Indesit board of directors, including Chairman Andrea Merloni, met in Fabriano, Italy, where the company is headquartered, to approve the 1Q 2013 results.
With the adverse market conditions on Europe continuing, Indesit saw revenues and net profit fall too. However, sales of new products have enabled the company to retain its market share.
CEO Marco Milani said Indesit saw continuing decline in some key markets, particularly Italy and France, while seeing slim growth in Eastern Europe, notably Ukraine and Turkey.
"The International Area has also reported very positive results," Milani added. "The Group will continue to extend its offering of new products in 2013, with positive expectations for growth of the mix, and will enter the small domestic appliances market. At the same time, we will continue to align our cost structure with sales performance and continue to safeguard our strong financials. We still have an optimistic view of the future, considering that Indesit has the people, the ideas and the resources to consolidate its position on the domestic appliances market."
Indesit Company's main brands include:
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