Truck maker AB Volvo reported higher-than-expected first quarter profits on Monday but said demand for heavy trucks in two key markets would fall this year, according to Reuters. Volvo reported a pre-tax profit of 757 million crowns ($US91.45 million), topping the consensus of 550 million crowns from a Reuters poll of 15 analysts due to demand for new products and cost cutting. It reported a 618 million-crown loss for the year-ago period.