Sandvik registers net profit for January-March

Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of the current year, registering a net profit of SEK 410 million ($47.5 million), declining by 73 percent compared to the corresponding quarter of 2014. Order intake in the given quarter amounted to SEK 23.16 billion ($2.7 billion), down 11 percent year on year.
 
According to Sandvik, demand remained slow but stable for mining equipment, while the underlying market within the aftermarket is recovering slowly. Demand for mining systems remained muted in line with the postponement of projects, particularly within coal and iron ore.