Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the fourth quarter and the full year 2012.
According to the financial results, Sandvik's profit for the fourth quarter was SEK 726 million ($113.1 million), decreasing by 10 percent compared to the corresponding quarter of the previous year. Order intake in the given quarter amounted to SEK 21.07 billion ($3.3 billion), declining by 10 percent year on year.
Sandvik's net profit for the full year 2012 increased by 38 percent to SEK 8.1 billion ($1.26 billion) year on year, while the order intake decreased slightly by one percent year on year to SEK 97.9 billion ($15.25 billion).
According to Sandvik's statement, production rates were further reduced to align inventory levels with weaker demand. This adversely impacted operating profit, but contributed significantly to a strong cash flow. The company's fourth quarter operating profit decreased by six percent year on year to SEK 3.05 billion (476.6 million).