BOOST IN PROFITS

Fighter jet maker Saab enjoys boom

Sweden's fighter jet maker Saab reported a five-fold increase in its' 2011 earnings due to securing several major contracts, reports news agency AFP.

In 2011, Saab, which makes the JAS Gripen fighter and has for more than 30 years been a separate company from the now-bankrupt carmaker Saab Automobile, posted a net profit of 2.23 billion kronor ( $333.8 million dollars), up from 433 million in 2010.

"2011 was an important year for us and we secured several key orders, such as further development and maintenance orders for the Gripen (fighter) from Sweden, and for our multi-mission radar system Giraffe from the US," chief executive Haakan Buskhe said in a statement.

"I am also proud of the strong recognition Gripen received when the Swiss government selected it" as the preferred bidder," he said.

The Swiss government is expected to formally approve the choice of the Gripen multi-role fighter in February.