Merloni Reports 9-month Profit Jump
Oct 30, 2002
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Italian washing machine maker Merloni Elettrodomestici said its pre-tax profit for the first 9 months jumped 58 percent year on year to 116 million euros (U.S. $114 million). Merloni, whose brands include Ariston and Indesit, said in a statement it posted a 25 percent increase in turnover to 1.8 billion euros in the 9-month period ending September 2002.

It said around half of the turnover came from the consolidation of its 50-percent stake in General Domestic Appliances, the holding company of washing-machine maker Hotpoint which Merloni shares with General Electric. Merloni said its operating profit for the 9-months stood at 132 million euros, up from 91 million a year ago, a jump of 45 percent, on the back of improvements to production efficiency.

For the third quarter, turnover hit 687 million euros, operating margin stood at 59 million euros and pre-tax profits at 51 million euros, it said. (Reuters)

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