Sandvik’s revenues down eight percent in Q1

Wednesday, 21 April 2021 13:37:27 (GMT+3)   |   Istanbul

Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of 2021.

According to its financial results, in the first quarter this year Sandvik recorded a net profit of SEK 3.18 billion ($376.37 million), compared to a net profit of SEK 1.83 billion in the corresponding quarter of 2020. In the first quarter, Sandvik’s operating profit was SEK 4.26 billion ($502.98 million), rising by 54 percent year on year. Order intake in the given quarter amounted to SEK 25.85 billion ($3.05 billion), up two percent, while its revenues amounted to SEK 21.69 billion ($2.56 billion), falling by eight percent, both compared to the same quarter of the previous year.

According to the company’s statement, the company noted broad-based improvement in the first quarter. The overall recovery is expected to continue to be gradual, given the remaining uncertainties in some key end-markets. Sandvik said it is continuously following up on risks related to the coronavirus pandemic to reduce the impacts on the company. 

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