Swedish home appliance maker Electrolux on Friday said third-quarter net income dropped 29 per cent, citing currency effects and weaker demand in its main market, Europe.
Net income was 656 million kronor ($103 million), compared to 923 million kronor in the same business period a year ago.
Sales in the quarter were flat on 27.1 billion kronor.
To counter weaker demand, the group planned cost-cutting measures including shutting down a factory in Orange, Australia.
Electrolux would also review a plant in Italy, chief executive Keith McLoughlin said.
Charges for the cost-cutting programme, estimated at 3.4 billion kronor, were to be taken during the fourth quarter and during 2014.
Electrolux estimated annual savings of 1.8 billion kronor.
The group said currency effects weighed on results in Europe, and emerging markets including Brazil and Asia.