Italian appliance maker Indesit reported net profit for the first nine months of 2014 to be EUR 3.8 million. In the same time period of 2013 the company reported a net loss of EUR 8.2 million.

Just two weeks ago Indesit came under the control of Whirlpool Corporation. Whirlpool now owns 66.8% of the voting stock in the company.

Indesit’s revenue in the first nine months of 2014 was EUR 1,885.2 million, down 4.2%, to EUR 1,967.0 million, from the first nine months of 2013. Revenues were down 1.0% at constant exchange rates.

Revenue in the third quarter of 2014 was EUR 700.9 million, down 2.5% from EUR 718.9 million in the third quarter of 2013.

“The Group profitability has been achieved principally via selective price increases and action to achieve product cost efficiencies,” said Indesit Company CEO Marco Milani. “By contrast, the results have been adversely affected by a contraction in market demand and the consequences of serious currency depreciation in the Ukraine and, especially during the third quarter, in Russia. Efficient working capital management has significantly improved the level of indebtedness.”