MILAN, July 24 Italy's Indesit said on
Wednesday its net loss doubled in the second quarter and it
forecast a 3 to 4 percent drop in revenue this year as demand
for its refrigerators and stoves fails to improve.
Indesit said at the start of June that the weak economy was
forcing it to cut one third of its workforce in Italy and shift
some Italian operations to emerging markets.
The plan has caused strikes and protests - the appliances
sector is Italy's second-largest employer - and the company is
in talks with the government and trade unions.
Indesit reported sales of 646.5 million euros ($855 million)
in the second quarter, down 5.6 percent from a year earlier.
It posted a loss of 21 million euros, double the figure
recorded in the second quarter of 2012.
The company said it expected net financial debt to grow in
2013. Net financial debt was 520 million as of June 30.
"For the rest of 2013 we expect demand to remain weak and we
reiterate the company's commitment to safeguard the group's
profitability," said Indesit CEO Marco Milani in a statement,
vowing to continue with the plan to cut staff.
The plan entails moving to Poland and Turkey the production
of goods now manufactured in Italy that are exported to Eastern
($1 = 0.7565 euros)
(Reporting by Francesca Landini and Elisa Anzolin; editing by