Epiroc expects pandemic to weigh on demand in near term

Swedish mining gear maker Epiroc reported on Thursday a quarterly earnings drop in line with market expectations, on the back of a steep demand fall due to the coronavirus pandemic, which it says is expected to weigh on demand in the near term.

Second-quarter operating earnings at Epiroc fell to 1.42 billion Swedish crowns ($160 million), down from 2.26 billion crowns in the year-earlier quarter, matching the mean analyst forecast according to data from Refinitiv.

The company, one of the world’s top suppliers of underground mining equipment such as drill rigs, said the operating profit included items affecting comparability of 165 million crowns.

($1=8.8624 Swedish crowns)

(By Johannes Hellstrom; Editing by Clarence Fernandez)