Volvo: Huge Decline of Profit in the Third Quarter
Date:2012-10-29 Author:Eric Source:www.chinatrucks.com
www.chinatrucks.com: On October, 24 2012, Volvo, the world second largest truck manufacturer, released its earnings announcement. According to the announcement, the profit of Volvo plummeted to 2.9 billion krona (about ＄434 million), reaching a 50% drop compared with 5.8 billion krona in the same period last year. The statistics is far from the predicted 4.5 billion krona by Reuters.
Volvo said that the profit drop was out of expectation. Dragged by the increase of non-recurring costs, low production and a 1.06 billion krona of business restructuring in heavy truck market, as well as the adjustment of warranty reserve, the profit earning was seriously influenced. As Volvo predicted, the heavy truck market would have an average performance.
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