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Assa Abloy Q2 profit increased 23%

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Staff writer ▼ | July 18, 2015
Assa Abloy reported a 23% rise in second-quarter net profit, as sales growth in North America, Europe and the Middle East offset weaker demand in China.
Assa Abloy
Assa Abloy   Net profit was 1.89 billion Swedish kronor
Net profit in the three months ended June 30 was 1.89 billion Swedish kronor ($220 million), up from SEK1.53 billion in the same period last year. Analysts polled by FactSet expected SEK1.92 billion.

Sales rose 22% to SEK17.08 billion from SEK13.96 billion as organic growth in the company's Global Technologies and Entrance Systems divisions and in the Americas and EMEA regions offset a weaker performance in Asia, caused by lower demand in China. Operating profit was SEK2.74 billion, up from SEK2.22 billion a year ago.

Assa Abloy said that although trends in America are positive, Europe and many of emerging markets are stagnating. The company's strategy of expanding in emerging markets nevertheless remains unchanged.