Summary Box: Electrolux posts Q3 profit drop

AP News
Posted: Oct 27, 2010 3:48 PM
Summary Box: Electrolux posts Q3 profit drop

GIANT SUCKING SOUND: Swedish home appliance maker Electrolux AB said third-quarter net profits fell 15 percent because of slacker sales in Europe and North America, higher raw material costs and more spending on marketing.

RAW MATERIALS: Group CEO Hans Straberg warned that expenses were likely to increase next year as prices have begun to rise for raw materials, including steel, plastic and some metals such as copper and aluminum.

EASTERN STRENGTH: Straberg said the company's operations in Asia and the Pacific reported record earnings. "This is a result of their taking advantage of strong growth in Southeast Asia, turning around the negative trend in China and successfully maneuvering in a tough Australian market," he said.