Swedish manufacturer Sandvik reported sales for the second quarter of SEK 20.3 billion (US$2.4 billion), a 4 percent decrease over the same period a year ago. Profit decreased 12 percent to SEK 1.7 billion (US$198.9 million).

For the first six months, sales were SEK 40 billion (US$4.7 billion), down 5 percent from the prior-year period. Profit for the period increased 32 percent to SEK 3.1 billion (US$362.7 million).

"During the second quarter we made significant progress towards making Sandvik a more efficient company as we announced consolidation into three business areas; Sandvik Machining Solutions, Sandvik Mining and Rock Technology and Sandvik Materials Technology," said Björn Rosengren, President and CEO of Sandvik. "We have moved accountability and responsibility to the product areas, the highest operating level, hence decisions will be taken closer to the customers, thus making Sandvik faster in its response to changed customer demand."