Electrolux, the world's leading electrical appliance maker, has reported a fall in net profits for 2007, with its fourth quarter results hit by heavy restructuring costs.
The Swedish company reported a 21.5% drop in its fourth quarter net profits to €119m. It was hit by costs linked to the closure of plants in Britain and Denmark.
Electrolux emphasised that, excluding restructuring costs, its operating profits grew in the fourth quarter, boosted by strong results in North and Latin America, and in the Asia-Pacific region.
In Europe however, the company reported lower results for appliances. Overall sales for the quarter dropped 0.8%. Sales for the whole of 2007 edged up 0.8%.
Electrolux said it had seen all its operations, except in Europe, improve last year.
