Profit halved for Indesit, which closes the first quarter with a net profit of 10,9 million, 45,6% lower than that of the same period of 2011, when it was 20 million euros.
This was communicated by the company itself after the board of directors meeting on the quarterly results. Revenues also fell by 3,6%., dropped in January-March to 621,5 million against 644,4 million in the first three months of 2011. The decrease in revenues in the first quarter according to what Indesit explained was determined in particular by the lower sales volumes of finished products and by the negative impact of the price-mix. On the other hand, revenues from services were positive, with an increase of 5,1% due to the increase, especially in Great Britain, of both the sales of extra guarantees and deliveries.
The operating margin (Ebit) was also halved, equal to 20,1 million against 40,5 million in the first quarter of last year (-50,3%). The percentage of the margin on turnover fell to 3,2%, from 6,3% in the first three months of 2011. Excluding net non-recurring charges, which amounted to 0,5 million (there were 1,3 million in income in the first quarter of 2011), the operating margin for the first quarter was equal to 20,6 million (39,2 million), down by 47,5%. The percentage of turnover was 3,3% (last year it was 6,1%).
Net financial debt, concludes Indesit, has risen to 442 million, down by 133,3 million compared to 308,7 million as at 31 March 2011.
