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Saab more than doubles Q2 profits

Saab more than doubles Q2 profits

July 19th, 2011 in News

STOCKHOLM (AP) - Swedish aerospace and defense company Saab AB more than doubled its profits in the second quarter as margins improved.

Saab's net profit reached 425 million kronor ($64.7 million), up from 177 million kronor in the same period last year. But sales dipped to 5.86 billion kronor, from 5.99 billion kronor a year ago.

The Linkoping, Sweden-based company's gross margin increased to 27.5 percent from 24 percent in the second quarter last year, when it posted restructuring costs of 25 million kronor and a one-time hit of 150 million kronor for a terminated contract.

Saab's share price rose 1 percent to 137.70 kronor ($20.97) in early trading Tuesday in Stockholm.