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Electrolux profit soars after cost-cutting efforts

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Electrolux profit soars after cost-cutting efforts
Photo: TT
10:01 CEST+02:00
Swedish electrical appliance maker Electrolux reported its third-quarter net profit soared 42 percent to 933 million kronor ($130 million) thanks to a cost-cutting programme started at the end of last year.
Sales over the quarter increased 5.6 percent to 28.8 million kronor, slightly better than the 28.4 million kronor expected by analysts.
Electrolux said in a statement that its European operations were performing better because of the reduced costs and improved management of product portfolios.
The trims included cutting its number of employees by 3 percent.
Electrolux bought General Electrics appliances business for $3.3 billion in September as part of an expansion aimed at doubling its US sales. The transaction is to be concluded during next year.
Electrolux, which has been in business since 1919, sells over 50 million products a year to customers in 150 markets. 
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