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Volvo sees quarterly profit up 21 percent, sales flat

First Published      Last Updated Jul 18 2014 09:40 am

Stockholm • Swedish truck maker AB Volvo says second-quarter profit jumped 21 percent on the back of cost savings, efficiency schemes and streamlined production.

Net profit in the April to June period jumped to $365 million from $307 million a year earlier. Sales were marginally down at $61 million compared with $61.3 million during the same period last year.

CEO Olof Persson said 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.