Volvo Trucks Q2 profit surges threefold on strong sales

Markets Associated Press

Swedish truck maker AB Volvo says second-quarter profits surged more than threefold amid solid sales, particularly from Europe and Russia.

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Net profit jumped to 6 billion kroner ($725 million) in the period, from 1.9 billion kronor a year earlier. Last year's profit had been dented by a 2.3 billion-kronor payment to the European Union related to a competition investigation.

However, sales during the quarter were strong, growing by 12 percent to 88.4 billion kronor.

CEO Martin Lundstedt said Wednesday that all business areas improved their operating income.

Volvo, he says, has "very competitive products and services with good positions in key markets and segments" and will continue to "focus on core products with "improved quality and reduced costs."