14.Difficulty Level III:
; Q, X7 D: | x+ P0 b$ K" I Saab, the Swedish automotive company, increased its profits by 10.9% in the first quarter of this year despite of fall
$ F5 `4 k5 d# X- _. r of 5% in group turnover.) I, G. R2 E3 ]; K0 l# i! c
Profits after financial items rose to 2.45 bn Swedish Kronor (SK) (345 mn dollars) compared with 2.21bn9 i" m* K6 B. m
Swedish Kronor in the first quarter of last year.) S* }' Q b9 s1 K: ?
The groups was helped by a 215 mn Swedish Kronor foreign-exchange gain on loans-compared with a gain of 30+ ?( z5 _% A. c5 I, M
mn Swedish Kronor a year ealier——as well as by interest earnings of 109 million Swedish Kronor - compared with" x" P. h' } M. E! h: r% O) ~ \# Y- ?
77 mn Swedish Kronor in the first quarter of last year.6 H6 h+ l ?& `) {
Operating profits were virtually unchanged at 2.13 bn Swedish Kronor compared with 2.1bn Swedish Kronor in the& s ~& Y# f2 O$ T+ q H
first quarter of last year. Saab expects to make a productivity gain this year of at least 5%.$ x8 T% g* C: L
The group's liquid funds, inflated by the record profits of the past 2 years, climbed to 18.25 bn Swedish Kronor by
) Q V9 ^* d8 k5 B* j* ?: K- _" e the end of the first last year from 14.4 bn Swedish Kronor a year earlier. |