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 1.45 billion ($197.6 million), down 11 percent year on year. Order intake in the given quarter amounted to SEK 21 billion ($2.87 billion), down five percent compared to the corresponding quarter of the previous year.
During the first nine months, the company posted a net profit of SEK 4.5 billion ($613.2 million), falling 10 percent year on year, while its order intake decreased by one percent to SEK 64.67 billion ($8.8 billion) compared to the corresponding period of the previous year.
According to Sandvik, market demand was largely on par with the preceding quarter, taking normal seasonality into consideration. Business conditions deteriorated in parts of Europe. Russia remained impacted by the trade sanctions with the European Union. Uncertainty increased, particularly for the automotive segment and in Germany.
The mining industry showed no tangible signs of improvement nor did it weaken further. Order intake for large mining systems projects declined due to timing of orders placed by customers.
