Sweet swansong for Wallenberg at Investor
The Local · 13 Jul 2005, 12:15
Published: 13 Jul 2005 12:15 GMT+02:00
Wallenberg, who is stepping down as president and CEO of Investor, revealed the company had made a quarterly net profit of 15.5 billion kronor, compared to 1.8 billion in the second quarter last year.
The strong figures were partly down to strong performances by AstraZeneca, Ericsson, ABB and Atlas Copco, companies in which Investor has major shareholdings.
The company had also sold shares in SEB, AstraZeneca and ABB for over three billion kronor, helping to leave Investor's coffers looking healthy, and increasing speculation that major new deals could be on the cards.
The company's net liabilities fell from fifteen percent to four percent over the past six months.
Investor's venture capital firms EQT and Investor Growth Capital also contributed to the company's strong results.
At a press conference on Tuesday, Wallenberg also said that 3G operator 3, despite current struggles to build up market share, would benefit from the 10.5 billion kronor in external financing secured. The finance enabled 3 to repay 4.2 billion kronor in loans to Investor.
"It takes time to build up a company. We take it one step at a time. I think 3 is doing a good job," Wallenberg told Dagens Nyheter.
Wallenberg steps down on 1st September, to be replaced by current deputy CEO Börje Ekholm.