Volvo profits down
7th September 1989, Page 14
7th September 1989
Page 14
Page 14, 7th September 1989
— Volvo profits down
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• Volvo has turned in a disappointing set of secondquarter results, showing an 8% decline in profits to £218 million. First-half profits are up slightly from £368.2m to £411.8m.
President Gunnar Johanssen attributes the fall to the increased cost of product development, compounded by problems in Sweden with absenteeism and high employee turnover.
The trucks division achieved a 19% growth in first half sales to £1.2 billion and an increased market share in Western Europe and the US. Second quarter truck sales rose by 13%; bus sales were up by 5%.