BT Industries says a 4% drop in net sales for the half-year to June 30 is entirely due to foreign currency rates, particularly a weaker US dollar.

BT, reporting its results on August 21, achieved SEK5.88 billion (USD690.26 million) in sales for the half, down from SEK6.09 billion (USD714.79 million) in the first half last year. Orders received fell 6% from SEK6.38 billion (USD749.18 million) to SEK6.02 billion (USD706.57 million).

Chief executive Per Zaunders said continued uncertainty in the global economy had affected buyers' investment decisions.

"In North America, demand for warehouse trucks declined 6% compared with the corresponding period of 2002," he said. "In Europe, slight volume growth has been noted, although there were major differences between individual countries. In the rest of the world, demand for warehouse trucks has risen."

BT's report said: "It is our opinion that the economic downward trend has passed the bottom and, from now on, we should see a gradual, more positive market development."

BT's sales fell for counterbalance and warehouse forklifts, but manual handling trucks felt the decline the worst, dropping 14% from SEK234 million (USD27.46 million) to SEK202 million (USD23.71 million) at June 30.