Stockholm - Swedish heavy vehicle maker Volvo said Friday its third-quarter net profit had risen to 1.54 billion kronor (R2.3 billion) thanks to strong demand in North America and Japan.
The Volvo Group, which excludes the brand's China-owned car division, had posted a net profit of 1.4 billion kronor in the corresponding business period of 2013.
Net sales in the quarter totalled 67.2 billion kronor, flat year-on-year when adjusted for foreign exchange rates.
The group said it had delivered 45,939 trucks in the quarter, down 5 per cent year-on-year.
In Europe, “increased uncertainty” resulted in a “levelling off” of the momentum noted during the first half of the year, chief executive Olof Persson said.
Overall, truck orders increase 14 per cent in the quarter, to 50,449 trucks.
This was mainly driven by demand in the United States, but orders also rose in Japan.
In South America orders declined, and uncertaintiy over the effect of sanctions against Russia weighed on demand, Volvo said.
The Volvo Group sells trucks and heavy vehicles, buses and construction machinery, and includes the division Volvo Penta.
The Volvo car division is owned by Chinese group Zhejiang Geely Holding. - Sapa-dpa