HELSINKI (AP) — Swedish truck maker AB Volvo enjoyed strong
sales in the fourth quarter, but its earnings were hurt by extra costs
linked to the launch of new products, write-downs and restructuring
charges.
Net profit in the last three months of 2013 fell to 548
million kronor ($86 million), from 869 million kronor in the same period
a year earlier. Sales rose to 76.6 billion kronor, from 70.8 billion
kronor in 2012.
Describing profitability in the period as
"unsatisfactory," the company said Wednesday it would continue
cost-cutting measures during 2014, including 4,400 layoffs it had
already announced, and will review its products portfolio.
Volvo
said it expects a slight growth in overall demand, driven mainly by
China and Europe, but added that 2014 will see a reduction in costs.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
HELSINKI (AP) — Swedish truck maker AB Volvo enjoyed strong
sales in the fourth quarter, but its earnings were hurt by extra costs
linked to the launch of new products, write-downs and restructuring
charges.
Net profit in the last three months of 2013 fell to 548
million kronor ($86 million), from 869 million kronor in the same period
a year earlier. Sales rose to 76.6 billion kronor, from 70.8 billion
kronor in 2012.
Describing profitability in the period as
"unsatisfactory," the company said Wednesday it would continue
cost-cutting measures during 2014, including 4,400 layoffs it had
already announced, and will review its products portfolio.
Volvo
said it expects a slight growth in overall demand, driven mainly by
China and Europe, but added that 2014 will see a reduction in costs.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.