Net sales were SEK17,174 compared to SEK16,712 of Q2 in 2011, while net profit was SEK1260 million compared to SEK1743 million in the same period last year.

Sales for the group were relatively unchanged. In Europe they decreased by 3.4% and in Asia by 7.9%. In North America they increased by 8.5% and in Latin America by 16.6%. In Middle East and Africa they were relatively unchanged.

“The financial uncertainty and lack of confidence in the market place increased during the quarter, and this impacted our sales particularly in Europe and in Asia,” said Tom Johnstone, SKF president and CEO. “The weaker demand that we saw in Southern Europe at the start of the year continued, and we also saw softening in some other parts of Europe. In Asia our sales did not develop as expected while we saw continued good growth in both North America and Latin America.

“We adjusted our manufacturing during the quarter to reflect the demand situation – and to avoid building inventory – and as expected this impacted our results. Steps were also announced to adjust our manufacturing cost base in Europe, and this we will continue to work on. [...] Going forward, while it is likely that the uncertainty in the market will remain, we expect demand for the group in the third quarter to continue at the present good level.”