ASSA ABLOY AB (publ) (ASSA-B.ST)

UPDATE 3-Swedish lockmaker Assa Abloy flags tough conditions in residential market

Sweden's Assa Abloy the world's biggest lockmaker, flagged tough conditions in the residential market on Wednesday after reporting a 5% jump in first-quarter operating profit helped by action on costs and strong pricing. The company, whose products range from security doors to electronic and mechanical locks, said its operating profit, excluding items affecting comparability, rose to 5.43 billion Swedish crowns ($502 million) in the January to March quarter. "If you look at market conditions, we see a continuous, challenging residential market in general as well as in North America, in Europe and in Oceania, our three main markets,” CEO Nico Delvaux told Reuters.