UPDATE 1-Sweden's Assa Abloy profit falls as pandemic slams Asian business [Reuters]
ASSA ABLOY UNSP/ADR (ASAZY)
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Source: Reuters
UPDATE 1-Sweden's Assa Abloy profit falls as pandemic slams Asian business * Q1 earnings fall more than forecast * Asia mainly impacted in quarter due to COVID-19 * Margins also hit in other divisions (Adds background, detail, analyst comment, analyst forecasts) By Niklas Pollard and Johannes Hellstrom STOCKHOLM, April 8 (Reuters) - Swedish lockmaker Assa Abloy said its operating earnings fell steeply in the first quarter as the coronavirus outbreak hit its Asian business and started to bite into profitability also elsewhere. The world’s biggest lockmaker said late on Tuesday its operating profit in January to March fell to 2.75 billion Swedish crowns ($274 million) from 3.25 billion crowns a year ago, while like-for-like sales contracted 3%. Analysts had forecast a 3.01 billion profit, according to Refinitiv SmartEstimate. The results were preliminary, with its full quarterly report due on April 29. “Due to the spread of COVID-19 and the unprecedented lock down globally in our core m
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