Arab Today, arab today volvo cars reports profits surge in the first
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Volvo Cars reports profits surge in the first

Arab Today, arab today

Arab Today, arab today Volvo Cars reports profits surge in the first

Volvo Cars
Stockholm - XINHUA

Sweden's Volvo Cars on Wednesday reported a surge in profits in the first six months of 2015 although sales remained flat in China and the United States.

The Chinese-owned carmaker posted a net income of 877 million SEK (103 million U.S. dollars), more than triple the profits made in the first half of 2014, according to a press release.

"It has been a good first half of the year, with an improved financial performance," president and chief executive Hakan Samuelsson said, adding that he expects a "substantial increase in profits" for the full year.

Volvo sold some 232,000 units during the first six months of the year, a 1.4-percent increase on the same period last year.

Sales in Western Europe, the group's largest market, increased by 7 percent in the period but remained unchanged in China and the United States, at 38,000 and 29,000 units respectively.

"I would sooner call it a normalization than some type of crisis," Samuelsson said of the Chinese market, speaking to news agency TT.

"It's a new situation, different to what we had expected six months ago," he added.

The automaker posted a net revenue of 75.2 million SEK (8.8 million U.S. dollars) for the six-month period, an increase on the 67 million SEK (7.8 million U.S. dollars) it reported in 2014.

Volvo also announced it had acquired a 50-percent stake in its three joint ventures in China for 2.2 billion SEK (257 million U.S. dollars). The other half is owned by a subsidiary of Chinese automaker Geely, which acquired Volvo Cars in 2010. (1 U.S. dollar = 8.55 SEK)

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