Whirlpool Q2 net up three-fold at USD 205 mn | business | Hindustan Times
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Whirlpool Q2 net up three-fold at USD 205 mn

business Updated: Jul 20, 2010 22:42 IST

Home appliance maker Whirlpool Corporation on Tuesday reported a three fold jump in its net profit to USD 205 million for the three month period ending June 30, 2010, on account of higher sales in Asia.

In the year ago period, the company had a net profit of USD 78 million, Whirlpool said in a statement.

Net sales rose by 9 per cent from the year ago period to USD 4.53 billion in the second quarter of 2010.

"We made strong progress towards our long term value creation goals during the second quarter. Global unit volume growth, combined with our ongoing productivity improvement, enabled us to expand our operating margins and accelerate profitable growth," said Whirlpool Corporation chairman and chief executive officer Jeff M Fettig said.

In terms of geographical location, Asia was the best performer with sales rising by 43 per cent to USD 263 million.

During the quarter, sales rose by 24 per cent in Latin America to USD 1 billion, 6 per cent in Europe to USD 739 million, and 6 per cent in North America to USD 2.5 billion.

For the whole of 2010, Whirlpool projected earnings in the range of USD 9 to USD 9.50 a share, up from its prior outlook of USD 8 to USD 8.50 a piece.

In Asia, the company expects full year 2010 industry unit shipments to increase by 5 8 per cent.

Monday, Whirlpool India posted a 38.8 per cent jump in net profit to Rs 64.20 crore for the quarter ended June 30, 2010, over the same period in the previous fiscal.

During the period, the company's total income increased by 40.8 per cent to Rs 879.48 crore from Rs 624.28 crore recorded in the corresponding quarter of the last financial year.

The company sells home appliances, including refrigerators, washing machines and air conditioners.