Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter and the first nine months of the current year.
According to its financial results, Sandvik's net profit for the third quarter was SEK 2.38 billion ($290.21 million) compared to a net profit of SEK 609 million recorded in the corresponding period of 2016. Revenues in the given quarter amounted to SEK 21.64 billion ($2.63 billion), up 9.8 percent year on year.
In the first nine months of this year, the company posted a net profit of SEK 6.86 billion ($833.97 million), rising 89.4 percent year on year, while its revenues went up by 12 percent to SEK 66.96 billion ($8.13 billion) compared to the corresponding period of the previous year.
The company stated that demand for Sandvik’s products during the first nine months of the current year improved compared with the year-earlier period with growth in order intake at 19 percent and revenues increased by 9.8 percent, as a result of a broad-based improvement in orders with support from all business areas and most customer segments. Demand for Sandvik’s products improved in all regions.