The company posted operating profits of SKr67m (2013: SKr26m loss), while net sales were SKr1.06m (2013: SKr945m.

“The improvement in earnings compared with the previous year is a combination of a positive market development and our focused internal efficiency improvement programme designed to reduce production costs and increase long-term competitiveness,” said president and CEO Hannele Arvonen.

Setra said North Africa and the Middle East accounted for about 20% of its total sales. It is also targeting more business in South-east Asia and opened a new sales office in southern China last December.