Electrolux enjoy 19% rise in profits

Home appliance maker Electrolux said today that its profits increased by 19% in third quarter, with sales growing in all markets expect Europe.

The Swedish company said net profit rose to 983m krona (€114m) from 826m krona (€96m) in the same quarter last year. Total sales climbed 6% to 27.2bn krona (€3.17bn).

Sales increased in North America, Latin America and Asia, but slumped in Western Europe.

Chief executive Keith McLoughlin attributed the “soft performance” in Europe to weak consumer confidence affecting demand in southern Europe, Benelux and Nordic countries.

The Stockholm-based company is one of the world’s biggest makers of household appliances such as refrigerators, cookers and washing machines.