October 19, 2018 / 6:25 AM / a month ago

Assa Abloy Q3 profit growth matches expectations

STOCKHOLM, Oct 19 (Reuters) - Sweden’s Assa Abloy , the world’s biggest lock maker, posted on Friday an increase in third-quarter operating profit that matched expectations and said it would launch a three-year restructuring programme in the fourth quarter.

Operating profit was 3.42 billion Swedish crowns [$379.0 million), up from a year-ago 3.08 billion and in line with a mean forecast in a Reuters poll of analysts.

Organic sales growth accelerated to 5 percent from 3 percent a year earlier, beating a poll forecast of 4 percent.

Assa Abloy, which in the previous quarter made a large writedown on its Chinese business, said it was implementing a new strategy and organisation in China.

$1 = 9.0245 Swedish crowns Reporting by Anna Ringstrom

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