Electrolux closed the second quarter of this year with a loss

The company reported on Thursday that it incurred a loss of 648 million Swedish kroner (1 Swedish kroner = HUF 33.08) in the second quarter after a profit of 257 million kroner a year earlier. On average, experts expected a profit of 350 million kroner for the second quarter.

According to the company, the quarterly loss was caused by a one-time write-off of 643 million kroner, the decrease in sales revenue, the negative effect of foreign exchange rates, rising energy prices and labor costs.

Electrolux’s quarterly revenue fell by 3.2 percent to 32.65 billion kroner, while experts had expected 34.05 billion kroner.

On Thursday around noon, Electrolux’s share price was down around 17 percent on the Stockholm stock exchange, which is the biggest intraday drop in 12 years.