Volvo records first quarter improvement

Volvo Group records 12 percent increase in sales for first quarter of 2010, compared with the same period in 2009

June 2, 2010

Volvo Group has recorded a 12 percent increase in sales for the first quarter of 2010, compared with the same period in 2009.

While the increase is hardly surprising given the financial conditions of early 2009, the real news was an operating income of 2.8 billion krona , compared with the 4.5 billion krona loss during Q1 2009.

Also promising is the return to profitability of all of the Group’s divisions, with what Volvo describes as a "significant earnings recovery" for the construction equipment division.

"With a gradually improved global economy, demand is once again increasing for the Group’s products," says Leif Johansson, Volvo Group President and CEO.

"At the same time, the measures we have implemented to cut costs have generated good results throughout the Group.

"Looking ahead, we will focus on utilising the rising sales volume to increase productivity in all of the Group’s operations while maintaining a strict focus on cost.

"Sales and administration costs will be kept down and we are resolute about further enhancing the efficiency in product development."

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