Electrolux in the red for fourth quarter on weaker European demand

Swedish-based home appliance maker Electrolux on Friday reported a fourth-quarter net loss of 987 million kronor (151million dollars), citing weaker demand in Europe and currency effects according to dpa. The loss compared to a net profit of 242 million kronor in the same period a year ago. Year-on-year sales in the quarter dropped 1 per cent to 28.9 billionkronor. The group said it charged 1.5 billion kronor in restructuring costs during the quarter. During 2014 it expected to charge a further 2billion kronor. The cost-cutting programme was estimated to give annual savings of 1.8 billion kronor. Currency effects also weighed on results in Europe, its main market, and in Brazil. For full-year 2013, sales were almost flat on 109 billion kronor,while net income fell to 672 million kronor from 2.4 billion kronorin 2012. The group had about 61,000 employees at the end of December, the same level as at the end of 2012.