Swedish manufacturer Sandvik reported sales for the second quarter of SEK 23.4 billion (US$2.7 billion), a 6 percent increase over the same period a year ago. Profit increased 12 percent to SEK 1.7 billion (US$196.8 million).
For the first six months, sales were SEK 46.7 billion (US$5.4 billion), up 9 percent from the prior-year period. Profit for the period fell 30 percent to SEK 2.1 billion (US$243.1 million).
“Overall business activity in Europe remained largely stable, bar a decline within Sandvik Mining and Sandvik Construction,” said Sandvik’s President and CEO Olof Faxander. "This was in contrast to North America, where these business areas were the relatively stronger and noted growth. Demand in Asia declined for all business areas except Sandvik Venture."