Swedish industrial technology group Indutrade AB on Tuesday reported a 4% drop in third-quarter profit as sales slipped, but said order intake grew, driven by improved demand from the life sciences and energy sectors.
Net profit for the three months ended Sept. 30 fell to 674 million Swedish kronor from 700 million kronor a year earlier, the company said.
Net sales decreased by 2% to 7.85 billion kronor, while order intake rose 3% to 7.74 billion kronor.
The company said demand was higher overall than in the same period last year, with the strongest growth coming from customers in medical technology and pharmaceuticals.
The earnings before interest, taxes, and amortization, or EBITA, margin narrowed slightly to 14.6% from 14.8%, which the company attributed to lower organic sales and higher expenses.
Indutrade noted a high pace of acquisitions, welcoming six new companies in the quarter and ten so far this year.
Looking ahead, the company said the market remains subdued with some uncertainty.
"A somewhat stronger order book and higher acquisition pace, however, gives some confidence regarding the earnings development in the forthcoming quarter," Chief Executive Bo Annvik said in a statement.
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