Merloni Elettrodomestici reported that its third quarter 2003 sales and operating margin were up by 23 percent
Growth in Eastern and Western European markets, improved production efficiency, and increased economies of scale enabled the company to more than offset the negative effect of the declining UK sterling. Also contributing to these results was the success of the new Ariston and Indesit products, featuring innovations such as the vacuum refrigerator and the silent washing machine.
"The Board's meeting here in Peterborough," said Vittorio Merloni, "is a gesture towards the local management for the great job they've made of this Hotpoint integration, which has been completed as planned, and on schedule."
For the first 9 months of 2003, sales were 2.199 billion, up 23 percent for the same period in 2002 (1,795 billion). Sales in the first 9 months of 2003 include the 100-percent consolidated figures of the UK company (Hotpoint) acquired last year. In 2002 Hotpoint's sales were consolidated for only 9 months and at 50 percent.
Gross operating margin was 266 million, up 24 percent compared to the first 9 months of 2002 (214 million). Gross operating margin over sales rose 12.1 percent from the 11.9-percent rate for the same period in 2002.
Profit before tax was 134 million, up 15.3 percent compared to the same period in 2002 (116 million).
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