Stockholm - Investment company Investor AB, which owns key stakes in leading Swedish blue-chip companies Tuesday reported a third quarter profit for 2009, and predicted that "most likely (we) have seen the worst of this recession."For the third quarter the group posted a profit of 12.5 billion kronor (1.78 billion dollars), compared to a loss of 8.8 billion kronor for the corresponding business period 2008.
At the end of September the net asset value had increased 22 per cent to 138 billion kronor, compared to 115 billion kronor at the end of 2008.
Engineering group ABB was Investor's biggest asset, accounting for 17 per cent, shadowed by banking group SEB on 16 per cent.
Investor also has stakes in blue-chip companies such as pharmaceutical group Astra Zeneca, construction and mining tools maker Atlas Copco, telecommunications equipment provider Ericsson, household appliance maker Electrolux, and aviation and military technology concern Saab.
Chief Executive Borje Ekholm said in a comment that "the macro imbalances behind the debt crisis remain unresolved," warning that Europe and the United States needed to prepare for "higher unemployment as well as future tax hikes."
He noted that Asia would likely continue to play a key role as a growth engine.
Investor AB has close ties with Sweden's wealthy and influential Wallenberg family.
