Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the fourth quarter of 2011, stating that the business climate continued its positive trend in the given period and order intake and invoiced sales rose for all business areas.
According to the financial results, Sandvik's net profit was SEK 2.19 billion ($340.62 million) in the fourth quarter of 2010, compared with a net loss of SEK 103 million in the fourth quarter of 2009. Sales revenues in the last quarter of 2010 increased by 31 percent year on year from SEK 18.21 billion to SEK 23.28 billion ($3.62 billion).
Sandvik's order intake of SEK 19.79 billion in the fourth quarter of 2009 rose 37 percent to SEK 26.31 billion ($4.09 billion) in the fourth quarter of 2010.
Commenting on the figures, Sandvik's president and CEO Lars Pettersson said, "The market trend remained positive in the quarter and we continued to improve our key financial figures. We also reached an agreement involving a strategically important acquisition through which Sandvik will acquire 80 percent of the Chinese company Shanghai Jianshe Luqiao Machinery Co., Ltd. The acquisition will strengthen Sandvik's position in China and create favorable conditions for continued profitable growth."