7:34 am, August 18, 2011
VOLVO has announced that in the second quarter of 2011 its operating earnings before tax was £57.2m.
That figure was up by more than £16m compared to 2010 – and higher volumes and an improved model mix are stated as the reasons for the rise in earnings.
‘We are gradually returning to sustainable profitability although we have more work to do before we reach our objectives.
‘A good sales increase is evident in many markets as we are working to revitalise the Volvo brand to attract more customers’, said Stefan Jacoby, president and CEO, Volvo Car Corporation.
Retail sales in the second quarter increased by 26.6 per cent to 123,919 units, compared to 97,884 units in 2010. Growth was recorded in all sales regions, with China demonstrating the largest increase with 62.1 per cent versus 2010, while Europe improved by 15.5 per cent.
Sales of new S60 and V60 along with XC60 grew every month, and DRIVe models accounted for 19.2 per cent of sales in Europe.
However, Jacoby is cautious: ‘The recent developments in the global economy makes it difficult for us to predict the car market and we need to be prepared for changes in consumer demand.’
