Sweden's Investor swings to profit in Q2
STOCKHOLM, Sweden --Investor AB, the investment group controlled by Sweden's Wallenberg family, swung to a 19.3 billion kronor ($2.89 billion) profit in the second quarter due to a better performance in equity markets.
The result compared to a 6.4 billion kronor loss in the year-ago quarter.
Investor said it increased its holding in outdoor appliance maker Husqvarna AB during the quarter and that its stakes in engineering company ABB Ltd., engineering company Atlas Copco AB and truck-maker Scania AB had appreciated strongly in value.
Investor shares, which have risen 36 percent in the last 12 months, were down 2.2 percent in Stockholm trading at 159.50 kronor ($23.86) in an overall lower market.
Investor's core holdings include ABB, drugmaker AstraZeneca PLC, Atlas Copco, appliance maker Electrolux AB, wireless network maker LM Ericsson, Husqvarna, defense company Saab, Scania, bank SEB and stock exchange operator OMX AB. About 80 percent of the 91-year-old company's portfolio comprised of core holdings as of June 30, the company said Wednesday.
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