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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Volvo lorry sales keep on truckin’ in US

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Stockholm: With the US economy continuing to fire on all pistons sales by Swedish lorry maker Volvo Group rose by nearly a third in North America in the latest quarter. With overall sales up by a fifth, Volvo Group’s net profit leapt by 38.6 per cent to 7.46 billion kronor (720 million euros, $825 million).


It also managed to increase its adjusted operating margin to 11.1 per cent, beating the average of 10.4 per cent expected by analysts surveyed by the SME Direkt agency. “Although this is the best third quarter ever for the Group, it does not mean that we have reached our full potential,” chief executive Martin Lundstedt said in a statement.


“There is more to do to improve profitability and drive cash flow,” he added. Overall, sales of trucks rose by 23 per cent in monetary terms, while those of heavy construction equipment rose by 24 per cent, increases which investors may interpret as a signal the transportation and construction sectors are strong. — AFP


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