Indesit sees flat sales in 2014 as Q2 swings to net profit
MILAN, July 30
MILAN, July 30 (Reuters) - Italian white goods maker Indesit , which is being taken over by larger U.S. rival Whirlpool, said it expected revenues to be flat for the year after sales dropped 3.8 percent in the second quarter.
Net profit for the period stood at 5.3 million euros ($7 million) against a loss of 21.2 million euros a year earlier.
Indesit forecast an adjusted operating profit for the full-year equal to at least 3.5 percent of sales which in 2013 stood at 2.67 billion euros.
Revenue fell to 624.2 million euros in April-June as sales of finished products suffered due to lower volumes and negative currency effects.
But adjusted operating profit rose to 21 million euros in the second quarter, from 13 million euros in the same period a year earlier, thanks to a better price mix and lower costs.
Whirlpool, the world's largest maker of home appliances, has agreed to pay 758 million euros to buy a 60 percent stake in Indesit.
($1 = 0.7463 Euros) (Reporting by Valentina Za, editing by Stephen Jewkes)