May 6, 2020 / 6:34 AM / a month ago

Electrolux Pro first-quarter profit drops sharply amid impact from pandemic

STOCKHOLM (Reuters) - Commercial kitchen and laundry equipment maker Electrolux Professional EPROb.ST reported a steep drop in quarterly sales and profits on Wednesday hit by the COVID-19 pandemic and its impact on important customer groups such as hotels and restaurants.

The company, which was listed in March after being spun off from home appliance maker Electrolux (ELUXb.ST), said its first-quarter operating profit dropped to 205 million Swedish crowns ($20.88 million) from 301 million a year earlier.

Sales fell to 2.09 billion crowns from 2.30 billion in the year-earlier quarter, down 13.7% organically.

Reporting by Johannes Hellstrom, editing by Helena Soderpalm

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