Electrolux Professional swings to profit as hospitality sector recovers (updated)

Electrolux Professional AB (publ)

22/07/2021 07:23

* Q2 operating profit 181 mln SEK vs year-ago loss
    * Sees reason for optimism about further market recovery
    * Hotels and restaurants are big customer groups

 (Adds detail, background)
    STOCKHOLM, July 22 (Reuters) - Commercial kitchen and
laundry equipment maker Electrolux Professional  EPROb.ST  said
on Thursday it had swung to profit in the second quarter as the
market continued to recover, particularly in Europe and the
United States. 
    Operating profit at the Swedish group, a supplier to the
hospitality industry that has been hard hit by the pandemic and
government measures to stop it, was 181 million crowns ($20.8
million) against a year-earlier loss of 18 million, with sales
up 32%.
    "As more and more people are vaccinated and restrictions are
lifted, we can see that people start to socialize again which
supports the comeback of the hospitality industry. This gives
reason for optimism," Chief Executive Alberto Zanata said in a
statement. 
    "Whereas we cannot ignore the risk for new pandemic
setbacks, we remain confident given that we have demonstrated
that our company is strong and able to navigate also in
turbulent times."
    Electrolux Professional was listed in March 2020 after being
spun off from home appliance maker Electrolux  ELUXb.ST .
($1 = 8.6895 Swedish crowns)

 (Reporting by Anna Ringstrom
Editing by Helena Soderpalm and Peter Graff)
 ((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))