Feb 7 Reuters The world39;s biggest lockmaker Assa Abloy reported a smallerthanexpected rise in fourthquarter operating profit on Wednesday, as likeforlike sales growth ground to a halt amid slow residential markets.

The Swedish group39;s quarterly operating profit, excluding items affecting comparability, increased 11 from a year earlier to 5.72 billion Swedish crowns 545.5 million. Analysts polled by LSEG had expected a profit of 5.77 billion crowns.

The shares were down 3 in early trading.

The rival to Allegion and Stanley Black Decker said its organic, or likeforlike, sales were flat in the fourth quarter. On a reported basis, sales increased by 12 to 36.97 billion crowns.

Assa, whose products range from security doors and automated entrance solutions to electronic and mechanical locks under brands such as Yale, said organic sales fell in the AsiaPacific and Europe, Middle East, India and Africa EMEIA regions.

The Americas region, where Assa acquired Spectrum Brands39; Hardware and Home Improvement HII division last June, recorded 5 likeforlike growth driven by continued good demand in nonresidential business.

In the fourth quarter, and despite lower volumes, we delivered an operating margin, excluding the HHI transaction, of 16.8, within our target range, said CEO Nico Delvaux in a statement.

Assa said it planned to pay out a dividend of 5.40 crowns per share for 2023, up from 4.80 crowns a year earlier and higher than the 5.17 crowns seen by analysts.

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