Volvo reports strong second quarter
By IBI Magazine
Swedish transport group Volvo — which incorporates marine division Volvo Penta — has released its second quarter results, reporting a 13 per cent increase in net sales to SEK 80.4 billion for the three months ended June 30, 2008. Operating income grew by 17 per cent to SEK 7,186 million, and income for the period jumped by 27.8 per cent to SEK 5,149 million.
The group's marine division, Volvo Penta — which produces leisure marine and commercial engines — reported a 4.2 per cent increase in sales and an operating income up 3.2 cent.
Volvo Penta's net sales totalled SEK 3,351 million in the second quarter, of which SEK 2,259 million was leisure marine. Despite weak development in North America and lower demand in Europe, Volvo reports that it continues to capture increased market shares in these regions. Demand for industrial engines is also said to be strong in Asia, South America and other parts of the world, including South Africa.
(23 July 2008)
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