Third quarter profits spiral downward for Swedish truck maker AB Volvo
October 25, 2012, 12:10 am TWN
STOCKHOLM -- Swedish truck maker AB Volvo has reported a sharp drop in profits for the third quarter, blaming it on an overall slowdown in demand, warning more cuts in its production rates are possible.
Wednesday's report showed a net profit of 1.37 billion kronor (US$207 million), down almost 65 percent from 3.83 billion kronor in the same quarter a year ago.
Sales in the three-month period fell to 69.11 billion kronor from 73.32 billion kronor.