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Volvo Group Posts disappointing fort quarter report

Thursday, 25 April 2013
Swedish automaker Volvo Group reported first-quarter 2013 loss attributable to equity holders of the parent compny of Skr304 million , or 0.15 kronor per share, as against a profit of Skr4.05, or 1.99 kronor per share, last year.

Net sales decreased by 25percent to Skr58.3 billion against Skr77.8 last  year same period. Adjusted for currency movements and acquired and divested units, net sales decreased by 17%.

Volvo Group writes that its first quarter of 2013 was characterized by low sales volumes and low capacity utilization, while it continued to keep a high pace in the work to develop and launch new products.

The first quarter operating income amounted to Skr 482 million against Skr6,240million similar period in last year.

Operating margin in the first quarter was 0.8percent compared to 8.0 same period in the 2012.
In the first quarter, diluted earnings per share were a negative Skr 0.15 against a positive Skr1.99 same period last year.

In the first quarter, operating cash flow in the Industrial Operations was negative in an amount of Skr 7.6 billion. When compared to the same period last year, it was negative Skr 4.9 billion).
Truck order intake increased by 30 percent compared to the fourth quarter of 2012

Olof Persson and president commented that "Net sales for the first quarter declined 25 percent... primarily as a result of the weak order intake in late 2012. The sales volumes were the lowest since the financial crisis and were on the level of the first quarter of 2009...this shows that the Volvo Group is better at handling rapid changes in demand, I believe that we still have room for considerable improvement in this respect."
By Team

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