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Old 10-26-2007, 01:00 PM
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Arrow Volvo trucks third quarter profit up after Nissan Diesel takeover


Volvo trucks third quarter profit up after Nissan Diesel takeover

An Indian Volvo employee works on the assembly line at the factory in Hoskote, 2006. Volvo, the world's number two heavy duty truck manufacturer, said its third quarter profits had been boosted by a strong performance in Asia following its acquisition of Nissan Diesel.

Volvo, the world's number two heavy duty truck manufacturer, said Wednesday its third quarter profits had been boosted by a strong performance in Asia following its acquisition of Nissan Diesel.

The Swedish lorry-maker said that from June to September net profit rose by 20 percent compared to the same period a year before to 3.149 billion kroner (342.75 million euros, 486.980 million dollars).

Sales for the quarter rose 13 percent to 68.367 billion kroner (7.44 million euros, 10.57 million dollars), higher than analysts' forecasts of 65.737 billion kroner, it said in a statement.

In Asia, sales more than tripled compared to the same period a year earlier to 14.725 billion kroner, making the region Volvo's second most important after Europe.

Sales in Europe for the group, which sells products under the Volvo, Renault and Mack brands, progressed by 6.0 percent over the same period.

"Sales in Asia increased through the contributions from the acquired companies Nissan Diesel, Lingong and Ingersoll Rand's road development operations, combined with increased demand in most markets," Volvo's chief executive Leif Johansson said in a statement.

"We currently have a significantly better balance in our geographic presence than previously. More than 40 percent of our sales were generated in markets outside Western Europe and North America, which have traditionally been our home markets," he said.

For 2008, Johansson predicted "continued strong demand in Europe, with a truck market that is projected to increase by 5-10 precent. In North America, we expect that the demand for trucks will pick up gradually during 2008."

The price of shares in the company rose by 5.4 percent to 122 kroner when the Stockholm exchange opened Wednesday.

Volvo took over Japan's Nissan Diesel in March, the latest merger in the industry as companies prepare for more stringent emissions rules.

The Swedish group has concentrated on trucks since it sold its Volvo Cars division to US group Ford in the late 1990s.

In 2001, Volvo acquired the Renault Trucks of France and US-based Mack Trucks.

Source: [url=http://www.turkishpress.com/news.asp?id=199569&s=&i=&t=Volvo_trucks_third_quar ter_profit_up_after_Nissan_Diesel_takeover]Turkish Press[/url]
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