Saab sees business opportunities as profit falls

Swedish defense company Saab said Friday it sees "many interesting business opportunities ahead," even as first-quarter net profit fell 49% on higher development costs and currency headwinds.

Net profit for the three months ended March 31 was 90 million Swedish kronor ($10.4 million), down from SEK176 million a year earlier, mainly due to development costs of the T-X training aircraft program, where Saab cooperates with Boeing.

Saab, which makes the Gripen jet fighter, submarines, radars and missile systems, said order intake during the period rose to SEK4.8 billion from SEK4.08 billion a year earlier due to large follow-on orders from the Indian Armed Forces and orders for air-traffic management and underwater systems.

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