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 recorded a net profit of SEK 3.41 billion ($387.85 million), compared to a net profit of SEK 2.2 billion recorded in the corresponding period of 2017. Revenues in the given quarter amounted to SEK 26.13 billion ($2.96 billion), up 12 percent year on year.
Meanwhile, in the first half of this year, the company posted a net profit of SEK 6.34 billion ($721 million), compared to a net profit of SEK 4.46 billion in the first half of the previous year, while its revenues increased by 13 percent to SEK 49.82 billion ($5.65 billion) compared to the corresponding period of the previous year.
Sandvik stated that in the first six months of this year the demand for Sandvik’s products improved year on year, with order intake noting organic growth of nine percent and revenues rising by 13 percent, both year on year.
In the first half, the company’s business portfolio was consolidated with the signing and closure of several divestitures, such as the stainless and welding wire business in Sandvik Materials Technology and the stepping out of the joint venture with Finland-based stainless steel producer Outokumpu regarding the Fagersta Stainless operations. Sandvik stated that it will focus on growth in its core operations.