Sweden's Volvo turns a first-quarter profit
The Volvo logo on the front grille is shown in Miami. (AP / Alan Diaz)
The Associated Press
Published Friday, April 25, 2014 9:15AM EDT
STOCKHOLM, Sweden -- Swedish truck maker AB Volvo says strong first-quarter sales and cost cuts helped it return to profitability during the period.
In a statement, the Goteborg-based group said Friday it made a net profit of 1.1 billion kronor ($170 million) during the period compared with a loss of 248 million kronor last year.
The group says demand improved in North America, western Europe and Japan and that its new heavy-duty trucks continued to be competitive, having "advanced" their position in the market with increased deliveries.
Revenue in the three-month period grew 13 per cent to 65.6 billion kronor from 58.3 billion a year earlier.
CEO Olof Persson said plans to improve profitability had been successful but cautioned that "there is still more work to do" to cut costs.