Assa Abloy: Covid continues to weigh on results

(CercleFinance.com) - Assa Abloy shares were down over 3% on Wednesday after the Swedish lock maker said Covid-19 was continuing to weigh on its business, meaning that the group has to continue focusing on cost cutting.


While third-quarter earnings continued to be impacted by the pandemic, most of Assa's main markets showed have picked up in the past months, the company said in a statement today.

In particular, markets in Europe recovered faster than in the US, as lockdowns were eased and distributors started to restock, it pointed out.

Net profit fell to 2.5 billion Swedish kronor in the third quarter, from 2.7 billion kronor a year ago, while sales decreased by 8% to 22.2 billion kronor, down 5% in organic terms, the group said

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