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Business

Volvo posts steep decline in second quarter net sales

Latest update : 2009-07-21

Volvo, the world's second largest truck manufacturer, has posted a 45 percent decline in net sales in the second quarter of 2009 on 2008, and an operating loss of 6.8 million kronor.

AFP - The world's second-biggest truck maker Volvo Group said on Tuesday that its net sales fell by a third in the second quarter compared with the same period a year earlier.

The Swedish group’s net sales fell by 32.7 percent to 53.9 million kronor (about five million euros, seven million dollars) in the April to June period. Adjusted for currency changes and other factors, the decline was 45 percent.

It made an operating loss of 6.8 million kronor compared to an operating profit of 7.2 million in the second quarter of 2008.

"The second quarter of 2009 remained difficult in terms of earnings in the wake of the exceptionally rapid decline in demand that followed the crisis in the financial system," chief executive Leif Johansson said in the earnings statement.

Date created : 2009-07-21

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