Demand lifts Electrolux Q2 profits

STOCKHOLM: Higher demand in several markets including North America helped lift second-quarter earnings, Swedish home appliance maker Electrolux said Monday.

Net profit, excluding items affecting comparability, was 1.1 billion kronor ($148 million), compared with 633 million kronor a year earlier.

Sales in the quarter were down 1 percent to 27.3 billion kronor.

Electrolux said the US market continued to recover, and noted the impact of the US government's programme to stimulate sales of energy-efficient products.

Sales also grew in the Asia/Pacific region and Latin America. The European market stabilised overall, but there was weakened demand in southern Europe at the end of the quarter, the group said.

In its outlook, Electrolux expected demand to grow during 2010.

Raw material costs were also rising, the group said.

Electrolux had some 51,180 employees at the end of the quarter, up from some 49,500 employees a year earlier.