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Scania cuts dividend as profits fall

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14:48 CET+01:00
Swedish bus and truck manufacturer Scania reported a net profit of 1.236 billion kronor ($172 million) for the fourth quarter 2009 down from 1,708 million kronor in the corresponding period of last year.

The firm's board announced a cut in dividends to 1 krona/share, compared to 2.50 last year.

Analysts had expected a profit of around 795 million kronor for the period, according to a survey from Reuters, and the report was well received by the markets with Scania topping the winner lists, up over nine percent.

Sales during the quarter amounted to 18.360 billion kronor, in comparison with 22.658 billion in the fourth quarter 2008.

Deliveries of trucks and buses fell by 23 percent to 13,753. Orders increased meanwhile from 2,423 to 13,884 units.

Scania has during the period managed to turn its cashflow around to a positive 2.5 billion kronor, from a negative 1.9 billion in the corresponding period of 2008.

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