STOCKHOLM: Swedish home appliance maker Electrolux posted yesterday fourth-quarter losses far beyond analysts’ expectations owing to weak demand in European markets.
Quarterly figures showed a loss of 987m kronor ($151m), while analysts polled by Dow Jones Newswires were expecting a loss of 621m kronor.
A year earlier, Electrolux posted a 242m-kronor profit.
It was the first quarter the company was in the red since 2009, with a one-percent revenue decrease to 28.89bn kronor and restructuring charges of 1.5bn kronor.
Last October, Electrolux announced 2,000 job cuts, with a factory closure in Australia and staff cuts in Europe.
AFP
