BT Industries has posted net sales of SEK8.552 billion (USD1.087 billion) for the nine months to September 30, down 5% from SEK8.999 billion (USD1.144 billion) in 2002.

Orders received fell 7% to SEK8.761 billion (USD1.114 billion). The company blamed the decrease "entirely" on currency exchanges, particularly a weak US dollar. At comparable exchange rates, orders received rose 2% and sales increased 4%.

The US market saw a demand upswing in the third quarter, but the nine months was weaker than in 2002. Net sales fell 13% but, expressed in US dollars, rose 4%. In western Europe, sales fell from SEK5.166 billion (USD656.6 million) to SEK5.114 billion (USD650 million). In eastern Europe and Oceania, sales grew 12% from SEK830 million (USD105.5 million) to SEK943 million (USD119.9 million).

BT chief executive Per Zaunders said the recovery in the world economy had been slower than expected, but market volume appeared to have increased.

"Demand increased in North America in the third quarter, but the increase was most noticeable in Oceania and Eastern Europe," he said. "We anticipate our industry will cautiously gain ground, though at a slower pace than we previously thought."