Business News

Gorenje Returns to Profitability in Q1

Velenje, 06 May (STA) - Gorenje, the household appliances maker, posted a net profit of EUR 517,000 for the first quarter of 2010, up from a loss of EUR 14.7m a year ago. Sales edged 1.5% higher to EUR 291m.

Profit before income tax, depreciation and amortisation trebled year-on-year to EUR 21.1m, the company said Thursday after the results were reviewed by the supervisory board.

The management said in a statement that the business environment was still challenging even though the recession ended.

"We need to continue with the measures taken in 2009 with the aim to generate positive cash flow and increase market shares while preserving productive jobs," the management said.

Gorenje expects the economic recovery will continue and revenues as well as profitability will improve.

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