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Volvo Predicts 10% Sales Gain as Profit Returns
Volvo Car Group earned an operating profit of 1.2 billion kronor (€132 million) in the first half of 2014, reversing a 577 million-kronor loss for the same period last year.
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Volvo Car Group earned an operating profit of 1.2 billion kronor (€132 million) in the first half of 2014, reversing a 577 million-kronor loss for the same period last year.
Net income was 535 million kronor (€58.4 million), compared with a net loss of 778 thousand kronor in the first half of 2013.
Unit sales in January-June rose nearly 10% to 229,000 units, and net revenue advanced 15% to 64.8 billion kronor (€7.1 billion).
Volvo's volume in China, now its largest national market, jumped 34% to 38,600 units. Sales in the first half grew 20% to 30,500 in Sweden and 9% to 87,600 in western Europe. Demand fell 10% to 29,300 in the U.S.
For the full year, Volvo expects sales to expand about 10%. But it says its operating income will be unchanged from 2013, partly because of the expected negative impact of unfavorable exchange rates.
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