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Heavy Equipment
July 29, 2010
Construction helps drive second quarter profit for Volvo
STOCKHOLM
Swedish truck maker AB Volvo returned to a profit in the second quarter from a loss a year earlier, helped by a gradual pickup in demand and improved productivity, it said.
The company, based in Goteborg, southern Sweden, said net profit for the quarter totalled 3.1 billion Swedish kronor (US$420 million), up from a loss of 5.6 billion kronor in the same period a year ago.
The group said net sales increased by 27 per cent to 68.8 billion kronor ($9.3 billion) from 54.0 billion in the second quarter 2009.
Sydbank analyst Morten Imsgard said the report was very strong overall, showing the positive effects of previous cost-cuts, and that the construction equipment division performed particularly well.
Volvo’s CEO Leif Johansson said the pickup in sales helped improve the company’s profitability, combined with strict cost control and productivity gains.
The company has forecast that the European truck market will growth 10 per cent in 2010, while the North American market growth is expected at between 20 and 30 per cent.
Associated Press
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