SWEDEN/CHINA: Volvo Car boosts Q1 operating profit
Volvo Car Corporation, owned by China's Zhejiang Geely, said on Thursday its earnings almost doubled in the first quarter and forecast sales at the Sweden-based carmaker would continue to grow this year.
Unveiling its first official results after the takeover by Geely, Volvo Car said its operating earnings rose to SKR640m Swedish crowns (US$103m) in the first quarter, up SKR280m crowns from a year previously, Reuters reported.
"For full year 2011, sales are forecasted to continue to grow," the company said, adding it would raise production at its Swedish Torslanda plant as well as at its factory in Gent, Belgium.
Vice-chairman Hans-Olov Olsson was more explicit last month, Reuters noted, saying the company, which has begun setting up production in China, expected to sell 450,000 units this year, up from 380,000 units in 2010.
The carmaker added volatility in exchange rates and an uncertain development of raw material prices might impact results in future.