Sandvik Q2 Net Profit Falls 33%

Swedish group Sandvik AB

posted a 33% drop in its second-quarter net profit. Sandvik's quarterly net profit fell to SEK1.86 billion, from SEK2.78 billion in the year-ago period. Its revenue dropped to SEK23.04 billion from SEK25.94 billion. However, analysts were expecting a profit of SEK1.77 billion on revenue of SEK22.97 billion. Its EBIT declined to SEK2.96 billion from SEK4.21 billion. Sandvik shares closed at $12.85 yesterday.