Electrolux have higher than expected profit in 2nd tri

Swedish appliance maker Electrolux on Friday released results for the second quarter that were above market expectations and projected growth in the markets for white goods in both Western Europe and in the United States.
The Chief Executive, Keith McLoughlin, said that the market of home appliances should grow between 1 and 2 percent in Europe this year and appeared to be a little more optimistic over North America by mentioning projection of growth between 3 and 5 percent.
In the previous quarter, he had estimated that growth in North America would be at the lower limit of the range.
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In Eastern Europe, the demand dropped 23 percent, as a result of the strong slowdown in Russia and Ukraine, McLoughlin added. The Latin America market is also challenging, said the company.
Referring to Brazil, the company said in a report that demand for appliances in the country "continued to deteriorate significantly compared to the previous year".
The company informed that increased prices still in the country to compensate for the devaluation of the Brazilian real and high inflation.
The company said that operating profit rose to 921 million kroner (107.7 million dollars) compared with 63 million in the same period of last year, above an average estimate of 760 million, according to research from Reuters with analysts.