Sweden’s Sandvik AB has reported invoiced sales totalling 22.1 billion SEK in the second quarter 2014, down around 6% on the same period in 2013. Operating profit for the period was reported as being 2.6 billion SEK, or 11.6% of invoiced sales.
“Overall, Sandvik’s business was relatively stable in the second quarter. Demand remained at a high level in North America and improved in Asia, especially for Sandvik Machining Solutions. Activity in Europe was fragmented as the favourable development in the western parts of the continent was offset by significantly weaker market conditions in Russia. The southern hemisphere has been particularly impacted by the low
level of demand in the mining industry,” stated Sandvik’s President and CEO Olof Faxander.
Demand for Sandvik’s products during the first half of the year remained on par with the first six months of 2013. Sandvik’s order intake was reported as being 43.7 billion SEK an increase of 1% in fixed exchange rates for comparable units. Invoiced sales were 42.8 billion SEK (45.1), down 5%.
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