Swedish high-technology engineering group Sandvik has issued its financial results for the first quarter of 2010, stating that the recovery that began in the fourth quarter continued during the first quarter and that demand for Sandvik's products grew in all business areas.
According to the financial results, the net profit of the company was SEK 1.12 billion ($150.2 million) in the first quarter of 2010, compared with a net loss of SEK 299 million in the first quarter of 2009. Sales revenues in the first quarter of 2010 decreased by three percent year on year from SEK 19.13 billion to SEK 18.54 billion ($2.49 billion).
Commenting on the results, the company said, "The market situation improved gradually in the first quarter. The positive trend is more tangible within Sandvik Tooling, but the performance of several other market segments was also favorable. In addition to the improvement in earnings, our programs to increase capital and cost efficiency generated a strong cash flow during the quarter."