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Article: Electrolux posts 2nd quarter decline, sticks to outlook
- Article from:
- AP Worldstream
- Article date:
- July 17, 2003
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dateline: STOCKHOLM, Sweden
Electrolux AB, the world's biggest maker of household appliances,
Thursday reported a fall in both second-quarter profit and sales,
stung by the dollar's decline and weakened demand, but stuck to its
full-year profit outlook.
The Stockholm-based manufacturer said profit for 2003 is expected
to be somewhat lower than the year before, as it turned in a net profit
of 1.61 billion kronor (US$197 million) for the three months ended
June 30, down 13 percent on a year earlier, while sales declined 11
percent on the same quarter last year to 33.31 billion kronor (US$
4.07 billion).
"The continued weakening of the U.S. dollar and the British ...