Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the second quarter and the first half of the current year.
According to its financial results, Sandvik's net profit for the second quarter was SEK 1.67 billion ($195.17 million), decreasing by 12 percent compared to the corresponding period of 2015. Order intake in the given quarter amounted to SEK 19.86 billion ($2.32 billion), down four percent year on year.
In the first half, the company posted a net profit of SEK 3.12 billion ($365.14 million), rising 32 percent year on year, while its order intake decreased by five percent to SEK 40.16 billion ($4.69 billion) compared to the corresponding period of the previous year.
Sandvik stated that during the second quarter, demand in the automotive segment improved slightly year on year and the underlying customer activity in the aerospace segment improved. In addition, weak demand in the energy segment among oil and gas customers persisted with an adverse impact on customer activity in the general engineering segment.