Sandvik's profit falls 1.5% despite 33% gain in sales

Article Abstract:

Sandvik AB's pretax profit plunged despite reporting a 33% increase in sales for the first nine months of 1998. The Swedish industrial group posted 3.1 billion kronor, or $397.1 million, in pretax profit for the first three quarters of 1998, down 1.5% from the same year-ago period. Sales for the first nine months of 1998 were 31.27 billion kronor compared to 23.44 billion kronor for the same period in 1997, while order intake until September 1998 was up 30% to 31.62 billion kronor compared to figures posted in the third quarter of 199a7.

Comment:

Its pretax profit plunges despite reporting a 33% increase in sales for the first nine months of 1998

Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Sandvik AB, Article

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Avesta Sheffield shares retreat 4.2% after company posts $142.8 million loss

Article Abstract:

Avesta Sheffield AB saw its stock value fall 4.2% following the company's release of its earnings for the year ending on March 31, 1999. The company posted a 1.21 billion Swedish kronor ($142.8 million) pretax loss for the year. During the year before, Avesta posted 35 million kronor in pretax profits. The company, a manufacturer of stainless steel, was hurt by a 6.4% decline in sales volume.

Comment:

Posts 1.21 billion Swedish kronor ($142.8 million) pretax loss for year ending March 31, 1999

Iron and Steel Mills, Stainless Steel, Finance, Steel industry, Avesta Sheffield AB

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