July 18, 2018 / 6:39 AM / 2 months ago

Assa Abloy Q2 operating loss, organic growth in line with preliminary figures

STOCKHOLM, July 18 (Reuters) - Sweden’s Assa Abloy , the world’s biggest lock maker, reported on Wednesday a second-quarter operating loss, which included an earlier flagged large writedown, in line with market forecasts and preliminary guidance.

The group, which said in early July it would book a 6 billion crown writedown on its Chinese business in the quarter, reported an operating loss of 2.69 billion Swedish crowns ($303.03 million), against a year-ago profit of 3.11 billion, matching a mean forecast in a Reuters poll of analysts.

It said adjusted operating income excluding write-downs of operating assets was 3.31 billion crowns, in line with the preliminary guidance given in connection with its recent profit warning.

Organic sales growth accelerated to 5 percent from 4 percent a year earlier, in line with the preliminary reading.

$1 = 8.8771 Swedish crowns Reporting by Anna Ringstrom, editing by Johannes Hellstrom

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