Appliance maker Electrolux says Q4 profits plunged

Feb 2, 2012, 8:54 AM

STOCKHOLM (AP) – Swedish appliance maker Electrolux AB has recorded a tiny profit for the fourth-quarter, blaming the near break-even result on an increasingly competitive market which has suffered from increased price pressure, higher raw-material costs and weaker demand.

The group reported a fourth-quarter net profit of 6 million kronor ($885,000), dwindling down from the 860 million kronor earned in the same three-month period a year ago.

Thursday’s report also showed it had been hit by one-time costs amounting to 825 million kronor ($122 million).

Despite negative exchange rate effects, sales in the quarter rose to 28.34 billion kronor, up from 27.56 billion a year earlier.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Appliance maker Electrolux says Q4 profits plunged