Turkish appliance maker Arçelik reported first quarter 2014 revenue of 2,802 million Turkish lira (approx. US$1,346 million), up 15.3% from 2,430 Turkish lira in the first quarter of 2013. Gross profit margin in 1Q 2014 was 31.8%, up from 30.4% in 1Q 2013.
Revenue from the company's White Goods appliance business was TRY 1,948 million, up 16.2% from TRY 1,676 million in 1Q 2013. White Goods gross profit margin in 1Q 2014 was 33.8%, unchanged from 1Q 2013.
Revenue from the company's Electronics products business was TRY 452 million, up from TRY 336 million in 1Q 2013. Electronics' gross profit margin was 24.5%, from 15.4% in 1Q 2013.
Arçelik's Other business category had 1Q 2014 revenue of TRY 402 million, down 3.9% from 1Q 2013's TRY 418 million. Gross profit margin in this business segment was 30.25, down from 28.6%.
Arçelik expects stable or increasing market share in key regions in 2014. It expects its white goods (major appliances) volume growth in Turkey to be from 1-2%. It expects its International volumes to grow more than 8%. It expects its 2014 full-year revenue to be up more than 10% in lira.
Arçelik sells appliances and electronics under the Arçelik, Beko, and Grundig brand names. It has several plants in Turkey, making refrigerators, cooking appliances, dishwashers, laundry appliances, consumer electronics, compressors, and motors. In South Africa the company operates two cold appliances factories as well as a plant that makes cooking appliances and clothes dryers. It also has manufacturing in Romania, Russia, and China.
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