Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
STOCKHOLM (AP) — Swedish truck maker AB Volvo says profit in the second quarter jumped 21 percent on the back of cost savings, efficiency schemes and streamlined production.
Net profit in the April to June period jumped to 2.5 billion kronor ($365 million) from 2.1 billion a year earlier. Sales were marginally down at 72.6 billion kronor compared with 72.8 billion kronor the same period last year.
CEO Olof Persson said in a statement Friday that truck sales have developed particularly well in North America and Japan with increased market shares during the quarter, but that was offset by declines in South American and the sluggish European market.
He said ongoing restructuring schemes and an efficiency program launched last year are working as planned for the Goteborg-based company.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.