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Volvo net profit up 62%

Volvo net profit up 62%

03 February 2012 09:45 (UTC +04:00)

Baku - APA-Economics. Sweden’s Volvo Group, the world’s second-largest truck maker, reported strong second quarter earnings Friday but kept its forecasts unchanged on caution at the global economic outlook.
For the three months to June, Volvo Group - which owns of Volvo Trucks, Renault Trucks and Mack - said its earnings rose 62 percent from the same period last year to 5.12 billion kronor (565 million euros, $814 million).

Analysts surveyed by Dow Jones Newswires had expected a net profit of 4.93 billion kronor.

Sales jumped 15 percent to 79 billion kronor, slightly below analyst forecasts for 79.9 billion kronor.

Volvo chief executive Leif Johansson said the company maintained its sales outlook for the yea, but that it remained vigilant as the world economy was showing signs of sluggishness.

The results pushed the Volvo share price up nearly five percent in early trade.

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