Saab sees net profit soars, to cut up to 1,500 jobs

0 Comments | AFP, February, 2005

STOCKHOLM (AFP) — Swedish aeronautics and defense group Saab posted higher fourth quarter and full-year 2004 net profits, but said planned cuts in Sweden's military would force it to lay off up to 1,500 employees by the end of 2006.

The company posted a 26.7 percent increase in its fourth quarter net profit to 531 million kronor (76.4 million dollars, 58.5 million euros), from 419 million kronor in the same period a year ago.

For the full year, Saab posted a profit of 1.09 billion kronor, up from 746 million kronor in 2003.

In addition, the group, which along with British BAE Systems owns the fighter jet company Gripen International, booked its largest international order ever last year when the Czech Republic signed a contract worth 629 million euros (823...