Sandvik posts increased net profit in Q2 2010

Thursday, 22 July 2010 13:46:14 (GMT+2)

According to the financial results, the net profit of the company was SEK 1.9 billion ($257 million) in the second quarter of 2010, compared with a net loss of SEK 2 billion in the second quarter of 2009. Sales revenues in the second quarter of 2010 increased by 15 percent year on year from SEK 18 billion to SEK 20.6  billion ($2.79 billion).

Order intake of SEK 16.5 billion in the first quarter of 2009 has risen 46 percent year on year to SEK 23.2 billion ($3.1 billion).

Commenting on the figures, Sandvik's president and CEO Lars Pettersson said, "The improved result was primarily generated by enhanced internal efficiency combined with higher sales and production volumes. Demand from the energy sector remained high and an increase was noted in the automotive, mining and process industries."

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