Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the second quarter and the first half of the current year.
According to its financial results, Sandvik's net profit for the second quarter was SEK 19 million ($2.28 million), compared to a net loss of SEK 56 million recorded in the corresponding period of 2016. Revenues in the given quarter amounted to SEK 23.55 billion ($2.83 billion), up nine percent year on year.
In the first half, the company posted a net profit of SEK 8 million ($961,396), compared to a net loss of 112 million in the first half of the previous year, while its revenues increased by seven percent to SEK 45.32 billion ($5.44 billion) compared to the corresponding period of the previous year.
Sandvik stated that demand for Sandvik’s products during the first six months of this year improved compared with the year-earlier period with organic growth in order intake at 17 percent and with revenues increasing by seven percent, amid a broad-based improvement in orders with support from all business areas and most customer segments.