The Patria Group’s net sales rose modestly in the first nine months of the year, but operating profit nosedived due to “delays in certain international sales projects,” according to the Finnish aerospace and defence company.
While net sales totalled EUR341.6 million (USD381 million) in the first three quarters, up 4.9% from the same period in 2018, operating profit was down 95.3% to EUR800,000 (USD900,000), the company said on 30 October.
While Patria did not specify what project delays caused the profit decline, it indicated it is taking steps to improve its international performance. In July, the company brought on a new president and chief executive officer, Esa Rautalinko, citing his “extensive leadership experience in domestic and international companies.” In September, Patria was one of three companies the Japan Ministry of Defense chose to participate in a one-year field test of armoured wheeled vehicles.
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