Saab Technologies CEO Åke Svensson presents the report

Saab Reports Profit

The Swedish aerospace and defense company Saab AB reported Tuesday a first-quarter net profit compared with a year ago.

The result then was flattered by a 25.1 million US dollar capital gain from the sale of Saab Metech.

Saab reported a net profit of 38.5 million dollarrs, slipping from around 62 million dollars in the same quarter last year.

Saab Chief Executive Ake Svensson said the year began ”solidly”.  

Order bookings were higher than in the same three months in 2006, he said, and income - adjusted for the capital gains received in 2006 - was in line with last year.

For 2007, Saab said it expects its growth to be in line with 2006 and that its operating margin, including structural costs, will be slightly better.

The company, which has been subject to scrutiny amid bribery allegations surrounding a deal to lease 14 Swedish fighter jets to the Czech Republic, said it is convinced that only’legal methods are used in its company. In the report the company stated:

”Bribes have never been allowed at Saab. Our rules in this respect are clear.”

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