Swedish defense group Saab earns $43 million in Q4

(AP) — Swedish aerospace and defense group Saab on Friday reported a fourth-quarter net profit of 313 million kronor ($43 million), helped by lower costs. The profit reversed losses from the same quarter last year, when earnings were heavily weighed down by one-time charges.

The result for the October-December period compared with a loss of 724 million kronor in the same three months in 2008.

Last year's shortfall was partly due to provisions and write-downs resulting from delays in major projects.

Saab shares tumbled 6 percent to 110.50 kronor ($15.22) on the Stockholm stock exchange.

Saab makes fighter jets and weapons systems and has about 13,000 employees. It sold its automobile division with the same name to General Motors Corp. in 2000.

Saab reiterated its long-term financial targets and said it projects its profitability to increase this year. Still, it said it will stay cautious on its order intake and also expects sales numbers for 2010 to reach the same levels as in 2009.

CEO Ake Svensson said the global financial turmoil had led to customers delaying large orders. The stream of smaller and medium sized orders continued though, he said.