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SMALL BUSINESS
Defense company Saab posts $16 mln profit in Q3
AP
STOCKHOLM -Swedish defense company Saab posted a profit in the third quarter as sales rose 8 percent and order bookings jumped, helped by the Swedish military's upgrade of a fighter jet.
Saab, which makes fighter jets and weapons systems, said net profit was 111 million kronor ($16.2 million) in the three months through September, compared to a net loss of 103 million kronor in the same period last year.
Net sales increased to 5.18 billion kronor from 4.58 billion kronor in the third quarter of 2008.
Order bookings rose 27 percent, including orders from the Swedish military to upgrade and develop the Gripen fighter jet and the SK60 training aircraft.
Saab shares rose 8 percent to 88.75 kronor ($12.93) after the announcement in Stockholm.
The Gripen is competing with Boeing's F-18 and the French Rafale for a Brazilian contract for three dozen fighter jets.
Saab said it has experienced delays in large orders due to the global recession but has seen a steady inflow of small and medium-sized orders.
Headquartered in Stockholm, the company has around 13,000 employees. It sold its automobile division in 2000 to General Motors Corp.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-23 04:08:36
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