Volvo results

Volvo Group’s results for the first half of 2015 have been announced. At group level, net sales amounted to SEK159,570m/£11,885.81m (H1 2014: SEK138,247m/£10,297.53m), with operating income of SEK15,182m/£1130.85m (H1 2014: SEK6,913m/£514.92m). In its bus business, net sales amounted to SEK10,799m/£804.38m (H1 2014: SEK8,142m/£606.47m), a 33% rise. Its European bus sales have improved during the six months, rising 13% to SEK3,286m/£244.76m (H1 2014: SEK2,897m/£215.79m). Operating income for this part of Volvo’s business in the first half year was SEK214m/£15.94m (H1 2014: SEK106m/£7.9m). During this period, the new full electric bus commenced scheduled operation in Gothenburg, along with the Volvo 7900 Electric hybrids. This is the batch of 7900 Electric hybrids to enter commercial service since their launch in September 2014.

Acting President and CEO, Jan Gurander, said, ‘The second quarter followed the trend we saw in the fourth quarter of 2014 and at the beginning of the year. Our products are well received by the market and it is satisfactory to see that our activities in the efficiency programs are progressing according to plan and contribute to yet another quarter of earnings improvements. During the second quarter, we sold the remainder of our shares in Eicher Motors with a gain of approximately SEK2.1bn/£0.16bn. Our cooperation with India’s third-largest truck and bus manufacturer, VE Commercial Vehicles, is developing favourably. Overall, we see that the efficiency programs we are implementing are developing according to plan when measured in local currencies. This is a major change process that affects many persons in the company. It is therefore gratifying to see that this work is being reflected in improved earnings.’

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