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UPDATE 1-Assa Abloy profit tops forecast as sales return to growth

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STOCKHOLM, April 28 (Reuters) - Sweden's Assa Abloy , the world's biggest lockmaker, reported a first-quarter adjusted operating profit above market expectations on Wednesday and said sales returned to growth on a like-for-like basis in the quarter.

Assa said there were positive signs stemming from eased pandemic restrictions in the United States and predicted its non-residential aftermarket business would gradually normalize from current low levels and add to already strong demand in the residential sector.

Quarterly organic, or like-for-like, sales growth came in at 4%, boosted by 11% growth in Entrance Systems, its biggest division. Sales fell organically by 5% in the previous quarter and by 3% in the year-ago quarter.

Operating profit before items affecting comparability at the company rose to 3.19 billion crowns ($380.3 million) from 2.75 billion a year earlier, beating a mean forecast of 3.07 billion, according to Refinitiv data.

However, the Swedish group said market conditions for parts of its Global Technologies division, which in part supplies industries hard hit by the pandemic, such as hotels, were still "very challenging".

"We do not expect the travel-exposed segments to return to pre-pandemic volumes in the near future," Chief Executive Nico Delvaux said in a statement.

Shares in Assa Abloy, which competes with Allegion and Stanley Black & Decker, are up around 25% so far this year. ($1 = 8.3881 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard)

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