Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter and the first nine months of the current year.
According to its financial results, Sandvik's net profit for the third quarter was SEK 609 million ($68.27 million), increasing by 158 percent compared to the corresponding period of 2015. Revenues in the given quarter amounted to SEK 19.71 billion ($2.21 billion), down five percent year on year.
In the first nine months of this year, the company posted a net profit of SEK 3.62 billion ($406.08 million), rising 53 percent year on year, while its revenues decreased by five percent to SEK 59.7 billion ($6.69 billion) compared to the corresponding period of the previous year.
The company stated that demand for Sandvik’s products during the first nine months of the current year declined compared with the year-earlier period, primarily adversely impacted by lower business activity in the energy segment, which to some extent had an indirectly negative effect on the general engineering segment. The impact from changed exchange rates had a negative impact on order intake and revenues.