Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the fourth quarter and the full year of 2015.
According to its financial results, in the fourth quarter last year Sandvik recorded a net loss of SEK 178 million ($20.81 million), compared to a net profit of SEK 1.57 billion in the corresponding quarter of 2014. Order intake in the given quarter amounted to SEK 20.94 billion ($2.45 billion), down four percent year on year.
In 2015, the company registered a net profit of SEK 3.44 billion ($278.11 million), falling 44 percent year on year, while its order intake increased by four percent to SEK 85.8 billion ($7.65 billion) compared to the previous year.
The company stated that in the fourth quarter of 2015 demand weakened compared with the corresponding period in 2014. In China, an overall slowdown across most segments was noted. Business activity in North America weakened as the low oil price adversely impacted demand in the energy segment, with a negative indirect effect on demand in the general engineering segment. The energy segment generally weakened across all regions and business areas.