Indesit defends profitability

30 Jul, 14

Group revenue totalled €624.2 million, down 3.8% on previous year

The Indesit Company  has reported revenues of 624.2 million, down 3.8% on the same period in 2013 with an EBIT of 21 million. 

It reported the home appliance market contracted by 0.4% in Western Europe and 0.8% in Eastern Europe in the second quarter, compared with the same period in 2013. And it stated overall market demand in Greater Europe declined by 0.5%. 

The net financial indebtedness for the second quarter was 498 million and consolidated net profit was 5.3 million, a loss of 21.2 million.

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Indesit Company CEO Marco Milani commented: “The second quarter results reflect the business actions implemented to defend the Group’s profitability. The operating margin has improved as a result of higher prices and greater product cost efficiencies and general costs which have more than offset the adverse effect of relevant exchange-rate movements. In addition, efficient working capital management has lowered the level of indebtedness.”

He continued: “We expect market demand to improve slightly during the rest of 2014, with uncertainties over Russia and the Ukraine. The Company confirms its commitment to continue to improve the profitability of the Group.”

The company was recently purchased by Whirlpool for an estimated $1.083bn and has also invested 83 million euros into Italian factories.