Business

Saab sales drop as defence budgets fall

SAAB AB plane
Image caption Governments have been trying to cut back the amount they spend on defence

Third quarter sales at Swedish aerospace and defence group Saab have fallen to 4.8bn kronor ($729m; £462m) from 5bn a year ago.

Saab added that it expected sales to continue to drop as defence spending is reined in by the US and Europe.

However, Saab did report a six-fold increase in profit to 1.1bn kronor.

Saab said over 900m kronor of this was due to it selling its majority interest in C3 Technologies, a high speed 3D mapping company for commercial use.

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