ELUXY AB Electrolux (PK)

By Dominic Chopping

STOCKHOLM--Investor AB (INVE-B.SK) reported Tuesday a 34% rise in second-quarter net profit as earnings were boosted by higher valuations of its investments.

Investor's net profit rose to 12.81 billion Swedish kronor ($1.45 billion) during the period compared with a profit of SEK9.54 billion a year earlier. Its net asset value rose to SEK455 at the end of June 2018 from SEK448 at the end of March 2018, it said.

For its listed core investments, the combined total return amounted to 4% during the quarter, compared to 5% for the overall market, it said.

Swedish Orphan Biovitrum AB (SOBI.SK), a biopharmaceutical company, and telecommunications company Ericsson AB (ERIC) contributed strongly to the overall total return, while Electrolux AB (ELUX-B.SK) weighed on performance.

"During the first half of 2018, we have strengthened our ownership in Ericsson and added two new subsidiaries for a total of SEK11 billion," said Chief Executive Johan Forssell.

"Near-term, we will focus on supporting our companies in delivering strong operational performance. Longer-term, our strategic direction remains firm, with our cash flow enabling us to continue to invest in attractive opportunities and fund a steadily rising dividend."

Investor is the investment vehicle of Sweden's prominent Wallenberg family and owns stakes in some of the country's largest companies, including industrial-equipment maker Atlas Copco AB (ATCO-A.SK) and lender Skandinaviska Enskilda Banken AB (SEB-A.SK).

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

July 17, 2018 03:04 ET (07:04 GMT)

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