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Swedish manufacturer Sandvik (STO: SAND) reported full-year sales of SEK 87.3 billion (US$13.3 billion), a decrease of 7 percent compared to 2012. Profit decreased 38 percent to SEK 5 billion (US$764.2 million).
Sales for the fourth quarter were SEK 21.8 billion (US$3.3 billion), a decrease of 8 percent compared to the same period a year ago. Profit decreased to SEK 46 million (US$7 million) from SEK 726 million (US$111 million) the previous year.
“In the fourth quarter, the global market situation remained largely on par with the preceding quarter and the dramatic fall-off in demand appears to have been halted," said Olof Faxander, president and CEO.