UPDATE 1-Lockmaker Assa Abloy posts higher Q1 operating profit

Reuters04-24

(Adds details on results from paragraph 2)

April 24 (Reuters) - Assa Abloy the world's biggest lockmaker, reported a 5% increase in first-quarter operating profit on Wednesday, citing strong operational execution, continued strong price realisation and lower direct material costs.

The Swedish company's quarterly operating profit, excluding items affecting comparability, grew to 5.43 billion Swedish crowns ($502 million) from 5.19 billion crowns a year earlier.

The rival to Allegion and Stanley Black & Decker

said its sales fell 2% organically in the first quarter.

"The organic sales were affected by three fewer working days in March, the most important month of the quarter, and a continued weak residential market," CEO Nico Delvaux said in a statement.

On a reported basis, sales grew by 9% to 35.20 billion crowns. ($1 = 10.8207 Swedish crowns)

(Reporting by Elviira Luoma in Gdansk; editing by Milla Nissi)

((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))

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