Volvo reports better profit in Q2 than expectedJuly 25th, 2012 - 1:11 pm ICT by IANS
Stockholm, July 25 (IANS) Swedish auto manufacturer Volvo group has posted a profit of 6,764 million Swedish kronor (about $970 million) before tax in the second quarter this year, which is better than expected.
Profit of Volvo group in the second quarter was earlier estimated to be 6,102 million Swedish kronor ($876 million) while the profit in the same period last year was 7,249 million Swedish kronor ($1,040 million), reported the company.
Turnover of the company in the second quarter this year reached 83,904 million Swedish kronor ($12,040 million) while the turnover in the same period last year was 78,962 Swedish kronor ($11,331 million), reported Xinhua.
Downturn in Brazil and Western Europe was compensated mostly by the growth in North America and also the sales increase in Eastern Europe and Africa, Volvo’s CEO Olof Persson was quoted as saying by the Swedish daily Dagens Nyheter.
According to Persson, a decrease of 19 percent in truck orders compared to the same period last year was described as a “brake” in North America where last year the number of orders was “very high”.
The sales of Volvo in the US and Europe in 2012 were expected to be respectively 250,000 and 230,000 vehicles.
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Tags: africa, auto manufacturer, brazil, ceo, company turnover, downturn, eastern europe, north america, olof persson, q2, second quarter, stockholm, swedish auto, swedish kronor, volvo, volvo group, western europe, xinhua