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       Volvo Cars profit triples in first half
 
         Posted on :15:48:52 Jul 21, 2016
   
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       Last edited on:15:48:52 Jul 21, 2016
         Tags: Volvo Cars, profit triples, first half
 
STOCKHOLM: Geely-owned automaker Volvo Car Group reported its operating earnings tripled in the first half and said a further roll-out of new, more up-market models would help drive sales in the remaining months of the year.
 
The carmaker, bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, said operating earnings rose to 5.59 billion Swedish crowns ($649.8 million) from a year-ago 1.66 billion.
 
Gothenburg-based Volvo saw sales rise to 83.65 billion crowns from 75.22 billion a year ago underpinned by strong demand for its flagship XC90 SUV, and said the launch of its S90 sedan and V90 estate would provide a boost in the second half.
 
"This robust first half financial and operational performance combined with a positive product pipeline allows me to state confidently that Volvo Cars expects to report another record full year in 2016 in terms of sales and profitability," Volvo Chief Executive Hakan Samuelsson said in a statement.
 
Launch costs for the new models meant the group's operating margin dipped slightly relative to that reported for the first quarter alone, but it still stood at 6.7 percent versus the 2.2 percent posted in the first half of last year.
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AUTOMOBILE HEADLINES
Ambassador brand now gets a new owner in Peugeot  
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BMW to offer new version of i3 electric car in 2017  
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Maruti, Hyundai lead robust car sales in October  
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BMW launches 3 Series Gran Turismo priced up to Rs 47.5 lakh  
Honda,Yamaha explore collaboration for small scooters in Japan  
Hyundai recalls 7,657 units of small car Eon in India  
Maruti posts record sales in Sept as festive season begins  
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Tax rates limiting best-selling cars rollout in India: Honda  
Car sales up 9.53% in Aug, Siam revises growth target for PVs  
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Toyota launches petrol Innova Crysta to overcome diesel ban  
S Korea suspends sale of 80 Volkswagen models  
Volvo Cars profit triples in first half  
 
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