Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the second quarter of the current year.
According to the financial results, Sandvik's net profit for the second quarter was SEK 1.85 billion ($282.5 million), decreasing by 33 percent compared to the corresponding quarter of the previous year. Order intake in the given quarter amounted to SEK 20.71 billion ($3.16 billion), declining by 16 percent year on year.
Sandvik's net profit for the first half of 2013 fell by 37 percent to SEK 3.33 billion ($508.5 million) year on year, while the order intake amounted to SEK 43.05 billion ($6.6 billion), down 17 percent.
"While overall demand remained almost on par with the first quarter, business conditions varied significantly between Sandvik's customer segments and regions. Efforts to increase cost flexibility over the past two years are yielding positive results which is evident in Sandvik's earnings in the second quarter. At the same time, the strong Swedish currency, negative metal price effects and nonrecurring items adversely affected our profit level by almost SEK 600 million," said Sandvik president and CEO Olof Faxander.