Swedish electrical appliance maker Electrolux reported its third-quarter net profit soared 42% to 933m krona (€102m) thanks to a cost-cutting programme started at the end of last year.

Sales over the quarter increased 5.6% to 28.8m krona, slightly better than the 28.4m krona expected by analysts.

Electrolux said in a statement that its European operations were performing better because of the reduced costs and improved management of product portfolios.

The trims included cutting its number of employees by 3%.

Electrolux bought General Electrics appliances business for $3.3bn (€4.2bn) in September as part of an expansion aimed at doubling its US sales. The transaction is to be concluded during next year.