Swedish manufacturer Sandvik reported invoiced sales for the second quarter of SEK 23 billion (US$3.5 billion), a 6 percent decrease compared to the same period in 2012. Profit fell 33 percent to SEK 1.9 billion (US$293.1 million).
President and CEO Olof Faxander said demand from parts of the energy segment improved during the quarter, while the mining industry weakened. “Most of Sandvik’s major market segments remained stable. However, the low investment levels from miners continues to be noticable for this part of our business, he said. Faxander said the company has made a successful effort over the past 12 months to reduce inventory.
For the first six months, invoiced sales for Sandvik were SEK 45.1 billion (US$7 billion), a 5 percent decrease compared to the same period a year earlier. Profit fell 37 percent to SEK 3.3 billion (US$509 million).