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October 22, 2004

SWEDEN: Volvo Truck boosts Q3 net 4.8%

Truck maker AB Volvo reported solid third-quarter results on Friday, and raised its forecast for truck sales by 5% in Europe and as much as 15 to 20% in North America, according to the Associated Press (AP).

By bcusack

Truck maker AB Volvo reported solid third-quarter results on Friday, and raised its forecast for truck sales by 5% in Europe and as much as 15 to 20% in North America, according to the Associated Press (AP).

AP said the company reported a 4.8% increase in profit of 1 billion kronor (euro110 million, US$138.8 million), or 2.40 kronor (euro0.26, US$0.33) a share for the July-September period compared with 956 million kronor, or 2.30 kronor a share, in the same period last year, due in part to increased sales as the global economy improves.

Sales were up by 16% to 45.8 billion kronor (€5 billion, $US6.3 billion), from 40.5 billion kronor a year ago, the report added.

The Associated Press said revenue from the company’s sales of trucks during the quarter was boosted by increased performances in South America, where sales were up 46%, to 1.35 billion kronor, and in North America, where sales rose 32% to 9 billion kronor.

In Europe, the company’s biggest market, sales were up 5.8% to 16.6 billion kronor, while in Asia sales increased 28% to nearly 2.6 billion kronor, the report added.

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