Cost cuts help Electrolux profits

Electrolux has been cutting jobs to save money

Swedish appliance-maker Electrolux has reported a big rise in three-month profits, helped by cost-cutting and an increase in its prices.

Net profit for between July and September came in at 1.6bn kronor ($236m; £145m), up 93% from the same period of the previous year.

Shares in the company closed up 6.7% to 176 kronor in Stockholm.

"Almost everything went our way this quarter," said Electrolux chief executive Hans Straberg.

Cost savings and reduced raw materials prices helped to lift profits.

It added that raising prices and an improved product mix had also improved its results.

"Market demand continues to be weak, although the rate of decline has slowed down."