Sandvik suffers second quarter loss

Sandvik has recorded revenues of SEK20.321 billion (€2.1 billion) for the second quarter of 2016, representing a decrease of 4% from the same period a year ago.

The company’s operating profit was SEK2.705 billion (€285 million) during the quarter, which was down 9% on the corresponding quarter in 2015.

Specifically in the company’s construction business, Sandvik said its revenues fell 5%.

It said, “The underlying market environment deteriorated for mobile crushers, while remaining largely stable for the rest of the product offerings.”

It added that its order intake developed positively in Europe and North America, although its Australian operations fell 2%.

Operating profit in Sandvik’s construction sector was SEK48 million (€5.06 million), which was down 68% year-on-year.

It said that exchange rates had a negative impact on its profit, while legal fees also affected its outcome.