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Volvo suffers 84% plunge in H1 earnings
Source: Bloomberg News |
September 6, 2012, Thursday
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Print Edition
Print Edition
VOLVO Car Corp, the Swedish automaker owned by Chinese maker Zhejiang Geely Holding Group Co, yesterday reported an 84 percent plunge in first-half profit as it spent more on new models and plants.
Earnings before interest and taxes dropped to 239 million kronor (US$35.5 million) in the first six months of 2012 from 1.53 billion kronor a year earlier, the Gothenburg-based carmaker said. Sales for the former Ford Motor Co unit rose 3.9 percent to 65.3 billion kronor, even as deliveries fell.
"We are building up our capacity in a declining market," Volvo CEO Stefan Jacoby said. "Ford had left Volvo in a situation where Volvo wasn't sustainable. No new products, no growth, no investments in China and so on. That's what we're adding now."
Earnings before interest and taxes dropped to 239 million kronor (US$35.5 million) in the first six months of 2012 from 1.53 billion kronor a year earlier, the Gothenburg-based carmaker said. Sales for the former Ford Motor Co unit rose 3.9 percent to 65.3 billion kronor, even as deliveries fell.
"We are building up our capacity in a declining market," Volvo CEO Stefan Jacoby said. "Ford had left Volvo in a situation where Volvo wasn't sustainable. No new products, no growth, no investments in China and so on. That's what we're adding now."
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