By Dominic Chopping
STOCKHOLM--Sweden's Assa Abloy AB on Wednesday posted a bigger-than-expected rise in first-quarter net profit amid lower costs and a rebound in its Asia Pacific division while growth at its main entrance systems unit accelerated.
The lock maker said net profit for the three months ended Mar. 31 rose to 2.25 billion Swedish kronor ($268.2 million), from SEK1.86 billion for the year-earlier period. Sales for the quarter slipped 1.7% to SEK21.81 billion.
A FactSet consensus had forecast quarterly profit of SEK2.15 billion on sales of SEK21.3 billion.
Operating margin rose to 14.6% from 12.4%, the company said.
"With the world now expected to gradually reopen, we will start to shift our focus more to growth again with innovation as an enabler," Chief Executive Nico Delvaux said.
"I am confident that we are now moving out of this pandemic as an even stronger group, well positioned as a global industry leader to bounce forward and re-accelerate profitable growth," he said.
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(END) Dow Jones Newswires
April 28, 2021 03:42 ET (07:42 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.