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COPENHAGEN, Jan. 12 (Xinhua) -- A new strategy may have been the determining factor behind increased sales and lower expenses as Denmark's high-end electronics company Bang & Olufsen (B&O) achieve a second-quarter (Q2) profit of 12 million Danish Kroner (about 1.96 million U.S. dollars), according to the company's interim financial report for Q2 of 2020/21 released on Tuesday.

"In general, we are satisfied with the results in the second quarter. As communicated in our announcement in December 2020, we delivered positive EBIT (Earnings Before Interest and Taxation) as well as a double-digit year-on-year growth for Q2 in a row," said the company's CEO Kristian Tear in the report.

B&O's financial accounts for Q2 begin in September to November each year.

In April 2020, Tear launched a new strategy to make B&O profitable, after a series of poor results since 2018, by primarily focusing on eight countries: Denmark, Germany, France, the United Kingdom, Switzerland, Spain, China and South Korea.

"The results were primarily driven by strong execution on our strategic priorities, successful product launches and greater customer demand for home products," said the CEO.

Further highlights of the interim report were a year-on-year increase of almost 11 percent in the sale of TVs, sound systems, speakers and headphones, free cash flow exceeding 100 million Danish kroner and EBIT rise by 25 million Danish kroner.

In addition, a reduction in expenses, which saw the company reduce staffing from 895 to 858 in the year of 2020, also contributed to the improved results. (1 U.S. dollar = 6.12 Danish Kroner) Enditem