BT Industries has posted a net profit of SEK100 million (USD12.2 million) on sales of SEK2.92 billion (USD354.9 million) for the first quarter down slightly from the SEK102 million (USD12.4 million) on SEK2.93 billion (USD358.6 million) posted last year.

BT, in its report for the quarter ended March 31, said the world market for combustion counterbalance forklifts had lifted slightly during the first quarter, but the electric forklift market, where BT was mainly active, remained uncertain.

"Previous signs of a slight recovery in North America dissipated during the first quarter, (but) demand for warehouse trucks rose slightly in Europe and the rest of the world," BT's report said.

BT was affected by the declining value of the US dollar, and the world market was affected by war in Iraq, said chief executive Per Zaunders.

"The cautious optimism in the second half of 2002 was replaced during the first months of 2003 by gradually increasing uncertainty. Now that the situation in Iraq appears to be over, we can hope for more stable economic conditions," Mr Zaunders said.

"In the years ahead, a growing number of companies around the world is expected to again need to invest, which should impact our industry - and many others - positively."