Swedish appliance maker Electrolux AB on Wednesday said it made a profit of 664 million kronor ($92 million) in the fourth quarter, boosted mainly by price increases on its products as well as previously made cost cuts.
Despite continued weak market demand, the result was an improvement from last year’s loss of 474 million kronor, when the company was hit by soaring expenses.
The group, headquartered in Stockholm, reported fourth-quarter revenues of 28.2 billion kronor, down slightly from 28.7 billion kronor in the same three months a year ago.
For the full year 2009, net profit came to 2.6 billion kronor, compared with 366 million kronor.
Electrolux CEO Hans Straberg described the annual result as “one of the best ever,” attributing it to the launch of new products, strong brands, cost cuts and price increases.
