Swedish appliance maker Electrolux earned 2,230 million Swedish crowns net (215 million euros) in the first nine months of 2018, down 40% year-on-year, the company said today.
The increase in the cost of raw materials, a drop in volumes and several non-recurring effects explain the fall in the profit of the Swedish firm.
Electrolux obtained a net operating profit (EBIT) of SEK 3,347 million (€ 322 million), 37% less year-on-year, while revenues increased by 2% to SEK 89,703 million (€ 8,639 million).
In the third quarter, the Swedish company gained 1,162 million Swedish crowns net (112 million euros), 19% less than in the same period of the previous year.
The ebit stood at 1,756 million crowns (169 million euros), 11% less, and revenue amounted to 30,444 million crowns (2,932 million euros), which is a rise of 5%.
Electrolux shares fell 7.6% this afternoon on the Stockholm Stock Exchange.