Stocka Industries AB, one of Sweden's leading forklift manufacturers, posted a SEK3.3 million (USD389,013) pre-tax profit on sales of SEK135 million (USD15.9 million) for the year ended December 31, 2002.

The 2002 results improved slightly on Stocka's 2001 figures, when it posted a profit of SEK3.2 million (USD377,225) on sales of SEK129 million (USD15.2 million).

The company said in a statement that, while the market had decreased during 2002, it "became a fine year of sales. The customer base was widened with the help of contracts with big customers and sales to existing customers increased".

Stocka increased staff numbers to 93 ahead of launching a new office in Gothenburg in January this year. The company said several new products would be launched this year.

Stocka was established in 1906. It manufactured its first hand pallet truck in 1918 and its first forklift in 1950. The company, in which German forklift maker Still bought a 25 percent share in 2000, has distributors throughout Europe, the Middle East and the Asia-Pacific region.