Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the first quarter of the current year.
According to the financial results, Sandvik's net profit for the first quarter was SEK 1.5 billion ($228 million), up one percent year on year. Order intake in the given quarter amounted to SEK 22.5 billion ($3.4 billion), up two percent compared to the corresponding quarter of the previous year.
According to Sandvik, market demand improved in Europe compared with the preceding quarter, particularly in the UK. Demand in North America varied among segments, where declining demand from the mining industry in Canada and the US was more than offset by strong demand from the aerospace and automotive segments.
Market demand in the global mining industry remained challenging in the first quarter. Customer decisions to defer and delay investments significantly impacted equipment orders, while demand for mining systems remained relatively stable.
