Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter and the first nine months of the current year.
According to its financial results, Sandvik's net profit for the third quarter was SEK 236 million ($27.81 million), decreasing by 84 percent compared to the corresponding period of 2014. Order intake in the given quarter amounted to SEK 20.74 billion ($2.44 billion), down six percent year on year.
In the first nine months of this year, the company posted a net profit of SEK 2.36 billion ($278.11 million), falling 47 percent year on year, while its order intake decreased by four percent to SEK 64.9 billion ($7.65 billion) compared to the corresponding period of the previous year.
The company stated that in the third quarter, all business areas of the company noted weaker order intake year on year. In the automotive segment, lower demand was noted in Asia, while North America and Europe remained stable compared with the same period of 2014. In the energy segment, the low oil price continued to adversely impact order intake. In the given quarter, operating earnings declined by seven percent year on year as the negative impact from lower volumes more than offset the positive impact from changed exchange rates and savings measures.