Eyed by Panasonic, Slovenia's Gorenje returns to profit
A worker arranges washing machines at a factory of Slovenia's largest household appliances maker Gorenje in Velenje May 11, 2010. REUTERS/Srdjan Zivulovic
LJUBLJANA (Reuters) - Slovenian household appliances maker Gorenje
Gorenje had net profit of 2.1 million euros ($2.4 million) in the first half of 2016 after a loss of 6.9 million in the same period a year ago. Sales rose by 4.2 percent to 581 million euros.
As well as higher sales, the improvement was thanks to better management of the costs of labour, raw materials and logistics and currency factors, the company said.
Gorenje, whose products include ovens and washing machines, has a market capitalisation of about 182 million euros.
In July it said it would allow consumer electronics firm Panasonic to carry out due diligence by the end of September, saying the activities may lead to Panasonic increasing a stake which at present amounts to 10.74 percent.
Shares of Gorenje lost 1.96 percent to 7.45 euros by the end of trading on Monday, before the results were released, while the blue-chip SBI index <.SBITOP> eased 0.69 percent.
($1 = 0.8843 euros)
(Reporting By Marja Novak; Editing by Keith Weir)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Apple's (AAPL) Offer To Open Up Tap-and-go Tech To Be Approved By EU Next Month, Sources Say - Reuters
- Morgan Stanley consumer IPO banker Passi leaving the bank, sources say
- Azerbaijan says Armenia agrees 'historic' return of four villages
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!