(AGI) – Fabriano (Ancona), Italy, 5 May – The continued growth trend for Merloni elettrodomestici in the first quarter of 2004, which closed with an income up by 3.9 pct and an operating margin of 9.2 pct compared to the same period last year.
This was written in a note from the company chairman, Vittorio Merloni, to the shareholders meeting, called among other things, to approve the 2003 consolidated accounts. Merloni underlined that these results, “were however obtained thanks to the good performance of sales in all markets, to innovative products that allowed for the limiting of the effect of price reduction which has hit the market, and a more efficient cost control.
During the first three months of the year – he added – traditionally characterised by low sales, the company has launched the new ranges for Indesit, Ariston and Hotpoint whose benefits are expected for the second part of the year.” Income was 730 million and, from the point of view of volume, the company grew by 5.5 pct compared to a demand that in Europe has registered an increase of 5 pct.
The gross operating margin was 83 million (up 6.3 pct) and the effect on income was 11.4 pct compared to 11.1 pct in the first quarter of 2003. In relation to sales the operating margin, which was 46 million, was 6.3 pct compared to 6 pct last year. Profit before taxes was 38 million (up 4.9 pct) and net financial debt at the end of March was 337 million against 292 million the year before. Gearing has gone from 66.5 pct in March 2003 to 63.7 pct in the same period this year. (AGI) .
From AGI Online