Profits up at Atlas Copco
19 July 2011
Atlas Copco reported a +18% rise in second quarter net profit to SEK 2,9 billion (€ 314 million) after revenues at all four of its business segments increased.
The company, which this year restructured its operations and increased business divisions from three to four, reported a +14% increase in revenues year-on-year to SEK 19,9 billion (€ 2,2 billion).
On a pro-forma basis, the construction technique business saw second quarter revenues increase +15% to SEK 3,6 billion (€ 390 million), while the mining and rock excavation division reported a +27% increase in revenues to SEK 6,9 billion (€ 748 million).
Meanwhile, the industrial technique division saw revenues jump +17% to SEK 1,8 billion (€ 195 million), while the compressor technique division reported revenues of SEK 7,7 billion (€ 835 million), up +4% on a pro forma basis compared to the second quarter of last year.
Atlas Copco said it saw continued robust demand for equipment in South American and Asian markets, offset by declining sales of construction equipment in North America and southern Europe.
Group President and CEO Ronnie Leten said the company had continued to build on its global market presence during the quarter, highlighting plans for a SEK 160 million (€ 17 million) new compressor factory in India.
"The overall demand for the group's products and services is expected to remain at the current high level," Mr Leten said.
