Electrolux Q2 profit up 27 percent on improved European, US demand; sales slightly down

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Swedish home appliance maker Electrolux says improved demand in Europe and the United States boosted the company's second-quarter profit 27 percent to 815 million kronor ($119 million) from 642 million kronor a year earlier.

The world's second-largest appliance maker said Friday its sales fell slightly in the April to June period to 26.3 billion kronor from 27.7 billion a year earlier.

Pick-up in the European and U.S. markets was offset by weak development in Latin America and the Middle East for the company, which sells appliances such as refrigerators and washing machines under brands including AEG and Zanussi.

Electrolux said this year it expects market growth of 1-3 percent in Europe, which represents roughly one-third of its revenue, while the U.S. market is expected to increase by around 4 percent.