Volvo Cars reports sales, profits boost

Swedish automaker Volvo reported a profit of 2.34 billion kronor ($369 million) for 2010, marking a massive swing back into profit compared 2009.Volvo's 2010 profits amounted to a an improvement of 7.5 billion kronor from 2009, the year that former US-based owner Ford brokered a deal to sell the then loss-making Swedish carmaker to China-based Geely.

"Now we're readjusting, from defense to offense in all areas,” he told news agency TT. Sales were up by 11.6 percent, landing on a total of roughly 373,000 cars sold in 2010, compared to 334,000 cars the previous year. 2010's turnover was reported as 113 billion kronor, also marking a considerable increase from 2009 results.
Results continue to look good for Volvo in early 2011.
During the first quarter, the company turned a profit of 640 million kronor, which is an improvement of no less than 78 percent compared to the same period in 2010.
All regions have also reported an increase in sales volume.
"This is the fifth quarter in a row that we've shown profits. But we are vulnerable. We're still like a small flower, dependant on several factors in our surroundings, and it will be some more years before Volvo is sustainably profitable,” Jacoby said.

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Source: TT/The Local, May 2011