Arab Today, arab today volvo cars returns to profit on china sales cost cuts
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Volvo Cars returns to profit on China sales, cost cuts

Arab Today, arab today

Arab Today, arab today Volvo Cars returns to profit on China sales, cost cuts

Stockholm - AFP

Volvo Cars, the Swedish subsidiary of Chinese auto maker Geely, posted strong profits in 2013 after a first half year of losses, thanks to soaring China sales and cost-cutting. The company reported a 960-million-kronor (108.5-million-euro, $149.7-million) net profit in 2013, compared to losses of 542 million kronor the year before. The full-year result implied a startling turnaround in the second half of 2013, following a loss of 778 million kronor in the first half, and three consecutive six-month periods in the red before that. "Apart from a good sales performance in the second half of the year, our focus on cost has been an essential factor in returning to profitability," Volvo Cars chief executive Haakan Samuelsson said in a statement. Samuelsson, who already announced in January that the company had switched back into profit, said he expected continued growth in 2014. "First and foremost, we will stay profitable in 2014," he said. "The coming year will also be a year of growth, with a good five-percent increase in sales, characterised by a continued strong performance in China." Sales in China, which seems to be on the brink of becoming Volvo Cars' most important market, grew by 45.6 percent in 2013 compared to a year earlier to reach 61,146 cars sold. In the United States, so far Volvo Cars' strongest market, sales were down by 10.1 percent to 61,233. In January, the company hinted at the need to broaden the product range in the US market to boost sales. Although global sales for the year were up by 1.4 percent to 427,840 cars, revenue in 2013 dropped to 122.3 billion kronor from 124.5 billion kronor in 2012. Operating profit rose to 1.92 billion kronor from 66 million a year earlier. The company's market share in Europe grew slightly from 1.87 percent in 2012 to 1.90 percent in 2013 and the group expects to keep it this year. "Market circumstances in Europe are expected to remain challenging, but Volvo Cars aims to retain its market share in the region," the company said. Volvo Cars was acquired by Geely in 2010, which manufactures brands such as Geely, Gleagle, Emgrand and Englon, unknown in the West. The company has been independent from truck maker Volvo Group since 1999.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today volvo cars returns to profit on china sales cost cuts Arab Today, arab today volvo cars returns to profit on china sales cost cuts

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today volvo cars returns to profit on china sales cost cuts Arab Today, arab today volvo cars returns to profit on china sales cost cuts

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday