SKF on a roll

Swedish ball bearings and seals maker SKF reported record second quarter profits and sales in its interim report on Friday.

Net sales for the second quarter 2006 was up 5 percent to 13.37 billion kronor, while operating profit for the period was 1.7 billion kronor. Net profit was 1.07 billion kronor.

The company said that compared to the second quarter in 2005, sales were up in Europe, a bit higher in North America and much higher in Asia.

SKF said it expects global market demand for products and services to be higher in this year’s third quarter compared to the second quarter.