Saab falls on order delays, plans job cuts

Saab AB, the Swedish maker of the Gripen fighter plane, reported a third-quarter net loss as customers delayed military projects and orders, prompting the company to deepen planned cost cuts and eliminate 500 jobs.

The loss was 97 million kronor ($13.1 million), or 0.89 krona a share, versus net income of 218 million kronor, or 1.99 kronor, a year earlier, Linkoeping-based Saab said yesterday in a statement. Earnings before interest and tax dropped 90 percent to 31 million kronor.

Sales fell 4.7 percent to 4.58 billion kronor.