STOCKHOLM: Swedish heavy truck and construction equipment maker Volvo Trucks reported strongly growing profits in the second quarter as the company continued to shed jobs.
But it reported a sharp fall in the Chinese market for construction equipment.
Net profit was up by 22 percent to 2.472bn kronor, $362m) compared to the level a year earlier, while revenue was little changed at 72.601 billion kronor.
“An important part of our strategy is the efficiency program, which we launched last year,” chief executive Olof Persson said in a statement. “The programme is progressing according to plan.”
The group announced 2,000 job cuts in October 2013 and another 2,400 in February, hoping to boost profitability. The firm had reduced its number of employees by 1,200 at the end of the second quarter since the cost-cutting plan started last year.AFP
