Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the fourth quarter of 2011, posting a year-on-year decline in its net profit.
According to the financial results, Sandvik's profit for the given quarter was SEK 803 million ($118.8 million), down 63 percent from SEK 2.1 billion in the same quarter of 2010. Order intake in the fourth quarter decreased by seven percent year on year to SEK 23.9 billion ($3.53 billion).
Sandvik's net profit for the full year 2011 declined by 16 percent to SEK 5.8 billion ($858.23 million) compared to 2010, while the order intake increased 12 percent year on year to SEK 99.07 billion ($14.66 billion).
According to Sandvik's statement, activity in the global mining industry maintained a strong performance during the quarter in question. In the given quarter, Sandvik Mining and Construction's order intake decreased by 19 percent year on year, while order intake for major projects registered a significant decline compared to the same quarter of 2010.