Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter and the first nine months of 2012.
According to the financial results, Sandvik's profit for the third quarter was SEK 2.1 billion ($313 million), almost tripling compared to the corresponding quarter of the previous year. Order intake in the third quarter amounted to SEK 21.8 billion ($3.24 billion), declining by 10 percent year on year.
Sandvik's net profit for the first nine months of 2012 increased by 46 percent to SEK 7.38 billion ($1.1 billion) year on year, while the order intake increased slightly by one percent year on year to SEK 76.87 billion ($11.44 billion).
According to Sandvik's statement, the company partly lowered production due to the weakening market situation. In the third quarter, its operating profit amounted to SEK 3.33 billion, remaining below the estimates due to currency effects, declining metal prices and extended maintenance works.