Electrolux’s Egypt second quarter sales grow 12%
Sweden’s Electrolux, Europe’s largest home appliance maker, reported on Friday a 12 percent growth in its second-quarter sales for Egypt on the back of the washing machines segment.
Washing machines sales for Egypt grew 14 percent for the three months to June 30.
The Swedish company’s net sales grew 0.7 percent to 31.354 billion Swedish crowns ($3.5 billion), mainly driven by higher prices and improved mix in its core appliances.
“Despite significantly higher raw material costs and currency headwinds, we delivered earnings in the second quarter in line with our overall expectation.” Electrolux said in a statement.
Higher prices, mix improvements and cost savings contributed positively, however operating income was impacted by higher costs for raw materials and currency headwinds.
Underlying operating income amounted to 1,645 million Swedish crowns, corresponding to a margin of 5.2 percent.
“We intensified our cost actions in the quarter and reprioritized some activities to mitigate the increased currency headwind.”