Saab Aerospace Turns Losses to Profits
The Swedish aerospace and defence group Saab reports a fourth quarter net profit of 43 million dollars, helped by lower costs.
The profit reverses losses of more than 100 million dollars in the same quarter of 2008, when earnings were weighed down by one-time charges. CEO Åke Svensson says the global economic crisis has led to customers delaying large orders, but the stream of small and medium-sized orders has continued.
The aerospace company is separate from Saab Automobile, which it sold to General Motors in 2000, and which GM is now selling to Spyker. The Gripen jet fighter is manufactured by Saab aerospace.