Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the fourth quarter and full year of 2014.
According to its financial results, Sandvik's net profit for the fourth quarter was SEK 1.5 billion ($182.1 million), significantly increasing compared to SEK 46 million in the corresponding period of 2013. Order intake in the given quarter amounted to SEK 21.3 billion ($2.59 billion), down six percent year on year.
In 2014, the company posted a net profit of SEK 6 billion ($728.8 million), rising 20 percent year on year, while its order intake decreased by two percent to SEK 85.9 billion ($10.4 billion) compared to the corresponding period of the previous year.
According to Sandvik, market demand remained relatively unchanged in the fourth quarter for much of Sandvik Mining’s business. The low investment levels in the global mining industry persisted, particularly for coal and iron ore. Nevertheless, demand for mining equipment has remained stable over the past four quarters, albeit far below the peak levels of 2012.