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Swedish manufacturer Sandvik reported third-quarter invoiced sales were SEK 24.3 billion (US$2.8 billion), flat to the prior-year period. Profit fell 10 percent to SEK 726 million (US$113.8 million).
Activity in the fourth quarter in the aerospace, oil/gas and process industries remained at reasonably high levels, while the mining, construction and automotive industries were weak. Demand was strong in North America and improved from an already high level in Africa, but deteriorated in other major markets.
For the full year, invoiced sales for Sandvik were SEK 98.5 billion (US$14.4 billion), an increase of 5 percent from the prior year. Profit increased 38 percent to SEK 8.1 billion (US$1.3 billion).