Weapons firm reports hard year
Despite today coming out with high profit figures today, defence and aerospace company Saab has made a profit warning and announced that it is ending work in two areas.
The company's CEO, Håkan Buskhe, says that the company faces restructuring costs of almost 75 million US dollars, which casts a dampener over the 40 million US dollars in profit reported for this quarter - even though that well exceeds the 22 million US dollars in profit made for the same time last year.
In fact, Saab report that this year overall will see a loss. Due to this new Saab shares took a dive on the Stockholm exchange as soon as it opened.