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Volvo profit advances 16%
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July 15, 1999: 5:52 a.m. ET
Swedish truck maker posts first-half earnings; omits takeover talk
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LONDON (CNNfn) - Swedish truck maker Volvo posted a 16 percent rise in net profits Thursday in its first set of results since the $6.4 billion sale of its car unit to Ford in January.
Volvo's net income climbed to 3.119 billion Swedish crowns ($408 million) for the six months ended June 30, with revenue up 13.2 percent to 60.98 billion crowns.
Volvo shares advanced 1.15 percent to 259 crowns, although the results were slightly below analysts' expectations.
Chief Executive Leif Johansson said in a statement that performance improved across all five divisions, but declined to comment on persistent bid speculation.
He warned that the market for heavy buses would decline during 1999 versus 1998, and made no comment on what the group planned to do with its cash pile.
Volvo last week denied it had received a takeover approach from Daimler-Chrysler.
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Volvo
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